Sidley represented Keymed Biosciences, a China-based, publicly traded (Hong Kong Exchange, Stock Code: 02162) biopharmaceutical company in the out-licensing of CMG901, a potential first-in-class Claudin 18.2 antibody drug conjugate (ADC) to AstraZeneca (NASDAQ: AZN). Under the license agreement, AstraZeneca will be responsible for the research, development, manufacture, and commercialization of CMG901 globally.
Under the terms of the agreement, KYM Biosciences, the joint venture established by Keymed and Lepu Biopharma, will receive an upfront payment of US$63 million on transaction closing and additional development and sales-related milestone payments of up to US$1.1 billion, as well as tiered royalties of up to low double-digits. The transaction is expected to close in the first half of 2023, subject to customary closing conditions and regulatory clearances.
The Sidley team was led by James Lu (Emerging Companies and Venture Capital), Stephen Abreu, and Longbo Wang (Technology and Life Sciences Transactions), and Ed Sharon (Antitrust/Competition), and includes Cassidy Pomeroy-Carter and Ashleigh Lussenden (Technology and Life Sciences Transactions); William Blumenthal and Jason Semmes (Antitrust/Competition); Oliver Zhong (Capital Markets); Emma Ballard (Commercial Litigation and Disputes); Scott Nonaka (Global Arbitration, Trade and Advocacy); Cynthia Bai (Global Finance); and Pan Chen (M&A).
Additional details are available in the press release.