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XOMA Acquires Royalty Interest in Four Lysosomal Storage Disorder Enzymes Being Developed Under the Chiesi Group–Bioasis Strategic Alliance
EMERYVILLE, Calif., Nov. 03, 2020 (GLOBE NEWSWIRE) -- XOMA Corporation (NASDAQ: XOMA), announced today it has acquired the rights to future milestone and
About this update from Xoma Royalty Corporation
[{"type":"text","content":"EMERYVILLE, Calif., Nov. 03, 2020 (GLOBE NEWSWIRE) -- XOMA Corporation (NASDAQ: XOMA), announced today it has acquired the rights to future milestone and royalty revenue due to Bioasis Technologies Inc. (TSXV:BTI.V; OTCQB:BIOAF), associated with the advancement of the enzymes being investigated as potential treatments for four different lysosomal storage disorders (LSD) under Bioasis’ strategic alliance with Chiesi Group. \n “Bioasis has a technology designed to deliver therapeutic candidates across the blood-brain barrier that we found interesting. Our 2019 agreement included an option right to acquire certain royalty rights on the next two license agreements entered into by Bioasis. We are pleased that Chiesi Group, a well-respected pharmaceutical company, is driving the development efforts of these enzymes in rare disease indications and to be able to acquire an economic position in them,” commented Jim Neal, Chief Executive Officer of XOMA. “These enzyme replacement therapeutic candidates further expand XOMA’s royalty interest portfolio beyond monoclonal antibodies and small molecules.” Under the terms of the agreement, in exchange for a $1.2 million upfront payment, XOMA will receive a low single-digit royalty on the future net sales of each of the four Chiesi-Bioasis enzymes and an undisclosed share of the up to $138 million in potential milestones due to Bioasis under its agreement with Chiesi. About XOMA CorporationXOMA has built a significant portfolio of products that are licensed to and being developed by other biotechnology and pharmaceutical companies. The Company’s portfolio of partner-funded programs spans multiple stages of the drug development process and across various therapeutic areas. Many of these licenses are the result of XOMA’s pioneering efforts in the discovery and development of antibody therapeutics. The Company’s royalty-aggregator business model includes acquiring additional licenses to partner-funded programs. For more information, visit www.xoma.com. Forward-Looking StatementsCertain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the potential of XOMA’s portfolio of partnered programs and licensed technologies generating ...