CASI Pharma Inks Sublicense Agreement With Beijing Tianshi For CID-103

(RTTNews) - Biopharmaceutical company CASI Pharmaceuticals, Inc. (CASI) announced Tuesday the signing of a Sublicense Agreement with Beijing Tianshi Tongda Pharmaceuticals Technology Co., Ltd. that will grant Beijing Tianshi an exclusive, perpetual, worldwide license for the investigational anti-CD38 monoclonal antibody (Mab), CID-103, in the treatment, prevention, and diagnosis of autoimmune diseases, conditions, and disorders in humans.

Under the terms of the agreement, CASI shall maintain the exclusive commercialization and co-marketing rights of CID-103 in autoimmune indications and book all revenue in the United States. CASI has the co-commercial rights in autoimmune-derived hematology and oncology indications of CID-103 in China, but not obligated to co-commercialize those programs.

As part of the agreement, Beijing Tianshi agreed to pay CASI a $10 million upfront payment in two instalments, as well as certain future milestone and royalty payments.

Following the execution of this agreement, Beijing Tianshi will complete its first equity financing. CASI will then, through its wholly-owned PRC subsidiary, hold 15% equity of Beijing Tianshi, which is expected to receive 120 million RMB from two venture capital investors and 20 million RMB from CASI Pharmaceuticals (China) Co., Ltd.