Benzinga | May 17, 2021 10:08AM EDT

Calithera, Antengene Announce Licensing Agreement For CB-708 In Cancer Settings

* Calithera Biosciences Inc (NASDAQ:CALA) and Antengene Corporation Ltd have announced an exclusive, worldwide license agreement for the development and commercialization of CB-708.

* CB-708 is a highly potent, selective, orally-bioavailable small molecule inhibitor of CD73, currently in preclinical development for oncology.

* Under the terms of the license agreement, Calithera will receive an upfront payment and potential milestone payments of up to $255 million.

* Additionally, Calithera is eligible to receive tiered royalties on sales of the licensed product up to low double-digits.

* Price Action: CALA shares are up 6.7% at $2.17 on the last check Monday.