U.S. biotech company Amgen Inc (AMGN.O: Quote, Profile, Research) agreed to pay Japan’s Kyowa Hakko Kogyo Co Ltd (4151.T: Quote, Profile, Research) up to $520 million for the rights to a potential new drug, the companies said.
Reuters reports that Amgen will make Kyowa Hakko an upfront payment of $100 million for an exclusive license to develop and commercialize Kyowa Hakko’s humanized monoclonal antibody KW-0761 worldwide, except in Japan, Korea, China and Taiwan.
Kyowa Hakko could receive up to $420 million in additional payments, if the company meets development, approval and sales milestones.
