BioLineRx Entered Exclusive License Agreement for the Development of Motixafortide in Asia, Advised by MSQ Ventures
NEW YORK, Oct. 31, 2023 /PRNewswire/ -- MSQ Ventures ("MSQ") is pleased to announce that its client, BioLineRx Ltd. ("BioLineRx") (NASDAQ/TASE: BLRX), has entered into an exclusive license agreement with Guangzhou Gloria Biosciences Co., Ltd. (GloriaBio) and an associated investor for the development of motixafortide across all indications in Asia.
The license agreement provides for a $15 million upfront payment and an equity investment of $14.6 million, up to $50 million in potential development and regulatory milestones, up to $200 million in potential commercial milestones and tiered double-digit royalties on sales.
"Given GloriaBio's expertise and track record in the development and commercialization of cancer immunotherapies in China, we believe GloriaBio is well suited to further develop motixafortide in Asia. GloriaBio has demonstrated a clear commitment to the motixafortide programs in stem cell mobilization and pancreatic cancer in Asia, and this transaction provides us with additional capital to continue our launch plans in the U.S.," said Philip Serlin, Chief Executive Officer of BioLineRx Ltd. "We are very excited about the swift and successful conclusion of this monumental Asian market licensing agreement. The MSQ team showed remarkable agility and a deep understanding of mutual benefits to both parties right from our initial discussions. MSQ's disciplined deal management ensured a seamless process. Echo, with her visionary leadership, expertise, and impressive execution skills, played a key role in making this collaboration happen."
"We are pleased to enter into this strategic partnership with BioLineRx and are committed to the development and commercialization of motixafortide in Asia, which we believe will bring additional value to GloriaBio's portfolio via clear synergies with zimberelimab," said Jiman Zhu, Founder of GloriaBio. "The MSQ team's great efforts made a huge impact on the closing of this successful transaction in such a short time. The MSQ team provided valuable advice for both sides. We are impressed with the MSQ team's extensive knowledge of financial structures and drug development".
Echo Hindle-Yang, CEO of MSQ, reflecting on the transaction, "We're thrilled about the cross-border collaboration between BioLineRx, the pioneering company behind FDA-approved APHEXDA™ (motixafortide), and GloriaBio, the team behind the PD-1 inhibitor YuTuo® (zimberelimab). This partnership showcases their commitment to advancing global drug development and benefiting patients on a global scale. BioLineRx brings an innovative pipeline, successful FDA approval of APHEXDA™ for stem cell mobilization, strategic collaboration abilities, and a seasoned team to the table. On the other hand, GloriaBio, with their expertise in cancer immunotherapies, clinical development capabilities, and strong commercialization capabilities in Asia, is a formidable partner. The dedication of leaders like Mr. Serlin, Dr. Zhu, and their stellar teams played a pivotal role in swiftly achieving the success of this transformative deal. As part of this momentous partnership, we eagerly anticipate the positive developments ahead, promising an even brighter future for global patients."
About MSQ
MSQ Ventures is a New York-based cross-border advisory firm that bridges the healthcare industries globally by offering our deep knowledge, strong network, and local insights.
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