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Corbus Inks Licensing Deal With CSPC Megalith Biopharmaceutical for Anti-Nectin-4 ADC

NEW YORK – Corbus Pharmaceuticals on Tuesday said that it signed a licensing agreement with CSPC Megalith Biopharmaceutical to develop and commercialize CRB-701, an antibody-drug conjugate, in Nectin-4 expressing tumors.

In the deal, Norwood, Massachusetts-based Corbus paid CSPC $7.5 million upfront for exclusive commercialization rights to CRB-701 in Australia, Canada, and the US as well as in the EU and the UK. Shijiazhuang, China-headquartered CSPC, which retains rights to the drug in remaining markets, is eligible to receive royalties on net drug sales, up to $130 million in development and regulatory milestone payments, and up to $555 million in commercial milestone payments.

While the two firms will codevelop CRB-701, Corbus is taking responsibility for developing the drug in the US and other licensed territories. The US Food and Drug Administration has already cleared an investigational new drug application for CRB-701, and the drug is currently in a Phase I dose escalation trial involving patients with advanced solid tumors in China. If that trial goes well, Corbus plans to launch a clinical trial for CRB-701 in the US in 2024.

CSPC's deal with Corbus follows a licensing agreement that it signed with Elevation Oncology last July to develop and commercialize another antibody-drug conjugate, EO-3021, outside of mainland China, Hong Kong, Macau, and Taiwan.

In conjunction with the licensing agreement, Corbus also announced a 1-for-30 reverse split of its common stock effective Feb. 14. Starting then, the firm's common stock will continue to trade on the Nasdaq on a reverse split adjusted basis under "CRBP." The reverse stock split, which Corbus' stockholders approved in December, is expected to increase the firm's stock price so that it regains compliance with Nasdaq's minimum bid price requirements.