RE: Buy31 Jul 2025 11:43
Erm no .. this is may 2024
RNS Number : 6255P
Roquefort Therapeutics PLC
23 May 2024
23 May 2024
Roquefort Therapeutics plc
("Roquefort Therapeutics" or the "Company")
Midkine Antibody Licencing Deal
Roquefort Therapeutics plc (LSE:ROQ, OTCQB:ROQAF), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth immuno-oncology market is pleased to announce the signing of a term sheet for the out-licensing of its Midkine antibody portfolio to PDC FZ-LLC ("PDC"), a leading MEA pharmaceutical research and development organisation. PDC has a track record of successfully conducting over 150 clinical trials.
Midkine Out-Licensing Transaction
Roquefort Therapeutics has signed a term sheet to grant an exclusive worldwide license for its Midkine antibody portfolio to PDC FZ-LLC, part of the PDC group. This is a strategic out-licencing deal in which Roquefort Therapeutics receives $10M total initial consideration value and a guaranteed share of the trade sale proceeds on successful completion of Phase 1 clinical trials. PDC will develop one or more of the Midkine antibodies within a new Special Purpose Vehicle ("SPV") to complete the Phase 1 clinical trial and then seek a trade sale of the SPV. The term sheet is non-binding, except for certain provisions including exclusivity to 31 December 2024. Completion of the transaction is subject to due diligence and the negotiation of a definitive licence agreement.
A summary of the agreed commercial terms in the term sheet are listed below:
· Initial consideration value of US$10 million, which includes non-dilutive equity in the SPV;
· Exclusive worldwide licence granted to the SPV for 20 years;
· Within 3 years, PDC to develop at least one of the Midkine antibodies within the SPV to the completion of a Phase 1 trial and then, upon success, to complete a trade sale of the SPV; and
· Roquefort Therapeutics will receive circa 24% from any successful trade sale proceeds, which if the Phase 1 trial is successful, this 24% is projected to be worth up to US$50M (gross) based on similar phase 1 trade sales.