Benzinga | May 17, 2021 09:30AM EDT

Landos Biopharma, LianBio Ink Licensing Pact For Omilancor & NX-13 in Greater China

* Landos Biopharma Inc (NASDAQ: LABP) and LianBio have announced an exclusive collaboration and license agreement for the development and commercialization of omilancor and NX-13 in Greater China (mainland China, Hong Kong, Taiwan, and Macau) and select Asian markets.

* Omilancor is a novel, oral, gut-restricted LANCL2 agonist in development for the treatment of ulcerative colitis (UC), Crohn's disease (CD), and Eosinophilic Esophagitis (EoE).

* NX-13 is a novel, oral, gut-restricted NLRX1 targeting compound in development to treat UC and CD.

* Under the terms of the collaboration, Landos will receive an upfront cash payment of $18 million and is eligible to receive milestone payments of up to $200 million.

* Landos is also eligible to receive tiered low double-digit royalties.

* LianBio will fund development and commercialization expenses in the collaboration territory, and Landos will continue to fund all development and commercialization expenses in all other geographies.

* Landos reported a Q1 loss of $(9.8) million, higher than the $5.8 million reported a year ago.

* The company held cash and equivalents of $106.4 million.

* Price Action: LABP shares are up 2.58% at $11.95 in the premarket session on the last check Monday.