Benzinga | Jun 9, 2021 08:35AM EDT

BeiGene, Shoreline Biosciences Ink Development Pact For NK Cell Therapies In Cancer

* Shoreline Biosciences Inc and BeiGene Ltd (NASDAQ:BGNE) have announced an exclusive worldwide strategic collaboration to develop and commercialize a portfolio of NK-based cell therapeutics with Shoreline's iPSC NK cell technology for different malignancies.

* Under the terms of the agreement, Shoreline will receive an upfront cash payment of $45 million and will be eligible to receive additional R&D funding, milestone payments.

* In the multi-target collaboration, the companies will develop cell therapies for four designated therapeutic targets, with an option to expand.

* Clinical development will be led by BeiGene globally, with Shoreline responsible for clinical manufacturing.

* BeiGene will have commercial rights globally, with Shoreline having an option to retain U.S. and Canadian commercialization rights for two targets.

* BeiGene also has an option to acquire an equity stake in Shoreline.

* Price Action: BGNE shares closed at $348 on Tuesday.