Benzinga | Jul 15, 2021 06:38AM EDT

XOMA Buys Royalty, Milestone Interest In Checkmate's Vidutolimod From Kuros Biosciences

* XOMA Corporation (NASDAQ:XOMA) has acquired the royalty interest position Kuros Biosciences holds in Checkmate Pharmaceuticals Inc's (NASDAQ:CMPI) vidutolimod (CMP-001), for $7.0 million upfront plus $166.5 million as sales milestones.

* Checkmate currently is enrolling patients in a study with anti-PD-1 refractory advanced melanoma in combination with Bristol Myers Squibb Co's (NYSE:BMY) Opdivo (nivolumab), a PD-1 blocking antibody.

* Checkmate also is pursuing a Phase 2/3 study in front-line melanoma patients in combination with Opdivo and a study in patients with head and neck cancer and is planning a study in three indications in collaboration with Regeneron in non-melanoma skin cancers.

* Under the terms of the agreement, XOMA could receive up to $25 million in pre-commercial milestones.

* Kuros will be eligible to receive certain sales milestone payments from XOMA based on net sales of vidutolimod.

* Price Action: XOMA shares closed at $32.39 on Wednesday.