TG Therapeutics announces global license agreement with Jiangsu Hengrui
TG Therapeutics and Jiangsu Hengrui Medicine announced that the companies have entered into an exclusive global license agreement pursuant to which TG Therapeutics will obtain worldwide rights, excluding Asia but including Japan, for the development of Hengrui's Bruton's Tyrosine Kinase inhibitor program, including lead candidate TG-1701, as monotherapy and in combination with ublituximab, TG's glycoengineered anti-CD20 monoclonal antibody, and umbralisib, TG's next generation PI3K-delta inhibitor. In addition to TG-1701, the global license agreement covers TG-1702, another BTK inhibitor in pre-clinical development. Under the terms of the agreement, Hengrui will receive an up-front licensing fee and near-term milestones, payable in TG common stock, and will be eligible to receive additional payments contingent on certain clinical, regulatory, and commercial milestones, totaling approximately $350M, as well as tiered royalties on net sales. Michael S. Weiss, Executive Chairman and CEO of TG Therapeutics stated, "We are pleased to be partnering with one of the leading Chinese biopharmaceutical companies. We have been evaluating potential BTK inhibitors for quite some time and we were really impressed with Hengrui's research that led to the development of these two highly selective BTK inhibitors. We believe TG-1701 could be comparable to the best-in-class BTK inhibitors and in combination with ublituximab and umbralisib, could represent a truly unique triple combination treatment option across CLL and NHL...With this license, we have taken a major step toward the development of a next generation, wholly-owned, proprietary, triplet therapy. Our goal is to advance TG-1701 into the clinic as quickly as possible in the first half of this year."