Onconova enters license agreement with HanX for rigosertib in Greater China area
Onconova announced that it has entered into a license agreement for the Greater China territory with HanX Biopharmaceuticals to develop and commercialize rigosertib, a novel and targeted anti-cancer compound currently in a Phase 3 study for the treatment of higher-risk MDS. Under the terms of the agreement, Onconova has granted to HanX an exclusive license to develop and commercialize rigosertib in Greater China and a non-exclusive license to manufacture rigosertib in Greater China. In exchange for these rights, HanX will make upfront payments totaling $6M, $4M of which are cash payments to Onconova, including a $2M fee and an investment totaling $2M in shares purchased at a premium to market. In addition, HanX will also place $2M in escrow in local currency for rigosertib clinical development expenses in Greater China. Onconova could receive up to $45.5M in regulatory, development and sales-based milestone payments and tiered royalties up to double digits on net sales in Greater China. Onconova will initially supply the finished product for sale in the licensed territories. HanX will also support Onconova's clinical trial initiatives in the territory.