AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Ningbo Tai Kang Medical Technology Co., Ltd Announces Global Licensing Agreement With AstraZeneca

November 8, 2019 GMT

NINGBO, China--(BUSINESS WIRE)--Nov 8, 2019--

Ningbo Tai Kang Medical Technology Co. Ltd. announced today that it has entered into a licensing agreement with AstraZeneca. Tai Kang has been granted the exclusive global rights to further develop and commercialize AZD3229, a small molecule KIT inhibitor that is active against primary, secondary and resistant KIT and PDGFR α mutations observed in gastrointestinal stromal tumor (GIST). The broad inhibitory activity over a spectrum of KIT and PDGFRα mutations and biochemical selectivity differentiate AZD3229 from other agents used in GIST treatment.

Susan Galbraith, Senior Vice President and Head of Research and Early Development, Oncology R&D, AstraZeneca, said: “GIST represents a significant unmet medical need. Through this agreement, the development of AZD3229, a small molecule that inhibits KIT, can be accelerated with the aim of bringing a new treatment to patients faster.”

“We are very pleased to enter this global exclusive license agreement with AstraZeneca and look forward to working with medical experts and global regulatory agents to advance this promising investigational medicine,” commented Dr. Zhenhai Shen, Tai Kang’s authorized representative.

Under the agreement, AstraZeneca will receive an upfront payment and milestone-based payments linked to clinical, regulatory and commercial successes, as well as royalty payments.

About AZD3229

AZD3229 is small molecule inhibitor of KIT and PDGFR α discovered and developed by AstraZeneca. It has the potential to be best-in-class based on preclinical data showing efficacy and a favorable safety profile.

About Ningbo Tai Kang Medical Technology Co. Ltd.

Ningbo Tai Kang Medical Technology Co. Ltd. is an oncology focused biopharma company based in China with global development capabilities in advancing clinical stage assets.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191108005293/en/

CONTACT: Ms.Mingyuan Yuan

myuan@newbaypharma.com

KEYWORD: CHINA ASIA PACIFIC

INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH ONCOLOGY

SOURCE: Ningbo Tai Kang Medical Technology Co. Ltd.

Copyright Business Wire 2019.

PUB: 11/08/2019 09:00 AM/DISC: 11/08/2019 09:01 AM

http://www.businesswire.com/news/home/20191108005293/en