Lee's Pharm (HK: 0950) in-licensed China rights to a immune-oncological anti-PD-L1 monoclonal antibody from Sorrento Therapeutics (NSDQ: SRNE) of San Diego (see story). Although the drug candidate is in pre-clinical development, Lee's says it expects to start a China Phase I trial of STI-A1014 in 2015. Lee's made an unspecified upfront payment, and will be liable for up to $46 million in milestones plus royalties on revenues, which range from high-single to double digits. Lee's will also purchase $3.6 million in Sorrento's stock at a "substantial" premium to the current market price.
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