Kangfang Biotech (09926) revises the license agreement with Summit for EVOSIL (PD-1/VEGF)

Zhitong Finance App News, Kang Fang Biotech (09926) issued an announcement. On June 3, 2024, the company signed an amendment to the license agreement with Summit, and the company and Summit agreed to expand the licensing area under the license agreement. The expanded license area (through the expansion of the Summit license area) includes Central America and South America, the Middle East, and Africa. The expanded Summit license area will be added to the license area under the license agreement. Therefore, the revised license area includes the original Summit license area and the expanded Summit license area.

According to the revised license agreement, the company can receive a down payment of 70 million dollars and milestone payments, as well as sales commissions through the expansion of the Summit license area (the commission ratio is consistent with the ratio of the license agreement). The company will continue to supply Iwasi to licensed regions, including expanded Summit licensing regions, and receive supply revenue. At the same time, in the revision of the license agreement, the two sides have further strengthened cooperation provisions for sharing results across regions, including clinical trial data and marketing application documents, to accelerate the regulatory registration and commercialization of Evosi in various regions of the world. Summit will add exclusive rights to develop Iwasi in markets related to Central America, South America, the Middle East and Africa. At the same time, Summit will continue to be responsible for clinical development, product registration and commercialization in licensed regions, including expanded Summit license regions, and all related expenses.

According to reports, Edafang ^® (Evosi) is the world's first PD-1/VEGF bispecific tumor immunotherapy drug independently developed by the company. Edafang ^® was approved for marketing by China's National Drug Administration on May 24, 2024. It is used to treat patients with locally advanced or metastatic non-squamous non-small cell lung cancer (nSQ-nsCLC) that progresses after EGFR TKI treatment, making it the world's first commercialized PD-1/VEGF bispecific antibody drug. In addition to the first indication approved in China, the company is currently evaluating evosil in five phase III clinical studies, including two international multicenter clinical studies and four registered studies with PD-1 inhibitors as positive control drugs. Currently, clinical trials covering 16 indications for gastrointestinal tumors, hepatocellular carcinoma, and colorectal cancer are ongoing.