Xoma announces license agreement for XOMA 358 with Rezolute
XOMA announced it has licensed the global development and commercialization rights for XOMA 358 to Rezolute, formerly AntriaBio, a biopharmaceutical company that specializes in developing therapies for metabolic and orphan diseases. Under the license agreement, XOMA is entitled to receive up to approximately $240M in exchange for the global XOMA 358 rights. The company will receive payments as Rezolute achieves specific milestones associated with financing activities, clinical development success, regulatory milestones and commercial sales. The terms include an allocation of $5M in shares of Rezolute common stock to XOMA and a further $13M in cash and common stock to be paid as Rezolute completes certain financing milestones. In addition, XOMA is eligible to receive royalties ranging from the high single-digits to mid-teens on net sales. Rezolute is responsible for all development, regulatory, manufacturing and commercialization activities under the license. The company is also entitled to receive low single-digit royalties on net sales of AB101 and other products developed from Rezolute's extended release and oral plasma kallikrein inhibitor platforms.