Lee's gets China rights to Sorrento's anti-PD-L1

Lee's Pharmaceutical Holdings Ltd. (HKSE:0950) obtained exclusive rights to STI-A1014 human mAb against PD-L1 in greater China, including mainland China, Hong Kong, Macau and Taiwan from Sorrento Therapeutics Inc. (NASDAQ:SRNE). STI-A1014 is in preclinical development for cancer.

Sorrento received an undisclosed upfront payment and is eligible for more than $46 million in milestones plus royalties in the high single digits to double digits. Lee's also is purchasing $3.6 million of Sorrento shares at an undisclosed premium to the current market price. ...