Under the agreement, Biossil acquires the global rights to mitazalimab and its derivatives across all indications. This includes patents, clinical and regulatory data, know-how, manufacturing materials, and drug inventory. Once the deal closes, Biossil will cover all costs for further development, manufacturing, and patents, and has committed to developing mitazalimab.

The milestone payments include up to a total of USD 3 million upon marketing approval in the US and the EU, and up to USD 105 million linked to global net sales. Alligator is also entitled to a mid-single-digit royalty on global net sales, up to a total of USD 250 million. If Biossil sells or licenses mitazalimab to a third party within two years, Alligator will receive a share of the proceeds.

The sale is in line with Alligator’s strategy to focus on its economic interest in the HER2-targeted antibody program HLX22. Once the deal closes, Alligator will no longer pay to maintain the mitazalimab program and its intellectual property. The transaction is expected to close within thirty days, and the proceeds are expected to extend the company’s cash runway.

“Mitazalimab has shown promising data in pancreatic cancer, and this agreement gives it an owner that can take the program forward toward registrational studies. At the same time, Alligator, and therefore our shareholders, keep a stake in the program’s future value,” says Søren Bregenholt, CEO, Alligator Bioscience.

“We thank Alligator for entrusting Biossil with the continued development of mitazalimab,” says Alexander Mosa, CSO and Chairman of the Board, Biossil. “Patients and investigators have invested time and hope in this treatment, and we will honor that with diligence and focus.”