Leap Therapeutics (NASDAQ:LPTX) news for Friday has LPTX stock soaring following a major deal with BeiGene (NASDAQ:BGNE).
This deal will have Leap Therapeutics granting BeiGene exclusive rights to commercialize DKN-01, which is its anti-Dickkopf-1 antibody. This will let the company sell the drug in most of Asia, Australia, and New Zealand. Rights in Japan are not included in this deal.
BeiGene is making an upfront payment of $3 million in cash for these rights. There are also additional payments available for meeting certain goals and from royalties. Leap Therapeutics says this may bring the total value of the deal up to $132 million.
There’s a second deal as well with BeiGene that it also great Leap Therapeutics news. This deal comes in the form of $27 million in equity financing. The deal starts off with a $5 million payment from BeiGene.
The Leap Therapeutics news release notes that the two companies will also be working together on a new study. This will seek to combine DKN-01 with BeiGene’s anti-PD-1 inhibitor tislelizumab.
Christopher K. Mirabelli, Ph.D., President and CEO of Leap Therapeutics, says this about the LPTX stock news.
“BeiGene is the ideal partner for Leap given its extensive experience in the development of oncology drugs throughout Asia Pacific, where its expertise and product breadth can help us in our efforts to address serious unmet medical needs in esophagogastric, gynecologic, and other cancers.”
LPTX stock was up 57.59% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
