Harbour BioMed strikes license deal with Solstice Oncology

Sino-US biotech Harbour BioMed (HKEX: 02142) has announced a license agreement and equity partnership with Solstice Oncology, a clinical stage US biotechnology company established by a syndicate of major venture capital investors, for the exclusive development and commercialization of a clinical stage portfolio asset HBM4003 outside Greater China.

Under the terms of the license agreement, Harbour BioMed will receive upfront consideration valued at over $105 million, comprised of $50 million in upfront payments, $5 million in near-term cash payments and over $50 million of equity in Solstice. Harbour BioMed is also eligible for additional development, regulatory and commercial milestones up to approximately $1.1 billion, contingent on the achievement of certain future events, and tiered royalties on net sales outside Greater China.