Alligator Bioscience AB, a privately held Swedish biotech company developing immune-oncology antibodies for directed immunotherapy of cancer, has entered into a definitive agreement with Janssen Biotech, Inc. (Janssen). Under the agreement, Janssen, will be granted an exclusive, worldwide license to Alligator Bioscience AB's clinical candidate ADC-1013 that currently is in Phase I clinical trials.
Alligator Bioscience AB will receive an up-front payment plus additional contingent payments upon reaching certain pre-determined milestones up to a potential total of US$700 million. Alligator Bioscience AB is also eligible to receive royalties on worldwide net sales upon successful launch and commercialization. In a simultaneous transaction, Johnson & Johnson Innovation - JJDC, Inc. will subscribe for new shares in Alligator Bioscience AB. The closing of the transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act.