Tocagen and Beijing Apollo Venus Biomedical announced the closing of an agreement providing ApolloBio with the exclusive right to develop and commercialize Toca 511 & Toca FC within the greater China region. ApolloBio has garnered all regulatory approvals for the agreement and paid Tocagen the upfront payment of $16 million.
Under the terms of the agreement signed with ApolloBio in April 2018, Tocagen is also eligible to receive potential payments of $4 million in near-term development milestones, including a milestone for the completion of enrollment in the ongoing Phase 3 Toca 5 study. Tocagen will be eligible for additional future payments totaling up to $111 million upon meeting certain development and commercial milestones. In addition, the agreement provides for low double-digit tiered royalty payments based on net sales. ApolloBio will be responsible for all development and commercialization costs in the licensed territory.
"We're pleased to have completed our strategic partnership agreement with ApolloBio, allowing us to expand the global commercial opportunity for Toca 511 & Toca FC amidst important recent developments in China to facilitate patient access to medical innovations," said Marty Duvall, chief executive officer of Tocagen. "This partnership also strengthens Tocagen's cash position to fuel our pivotal Phase 3 Toca 5 trial and our pipeline-expanding R&D efforts."
"We are eager to collaborate closely with Tocagen and advance the development of Toca 511 & Toca FC in greater China," said Dr. Weiping Yang, chief executive officer of ApolloBio. "This partnership is an example of our commitment to bringing novel immuno-oncology treatments to the large patient population in China as soon as possible."