Kadmon signed a collaborative and license agreement with Jinghua Pharmaceutical to discover, develop, and commercialize Kadmon's fully human anti-VEGFR2 and anti-PD-L1 monoclonal antibodies exclusively for Greater China. Kadmon has also licensed to Jinghua its technology and know-how to discover fully human monoclonal antibodies to develop further products for commercialization in the Chinese market.

Kadmon received a $10 million equity investment from Jinghua and has the potential to receive more than $40 million upon the achievement of key milestones as well as 10% royalties on future net sales.

“This agreement highlights the value of Kadmon's scientific work and the depth of our pipeline, including our biologics platform and these important product candidates,” said Harlan W. Waksal, M.D., president and CEO at Kadmon.

“We are pleased to partner with Kadmon to develop these VEGFR2 and PD-L1 monoclonal antibodies, which represent commercially validated targets for the treatment of cancer,” added Yunzhong Zhou, general manager at Jinghua. “We believe that combining Kadmon's platform with Jinghua's capabilities will help us rapidly develop these assets for the Chinese market.”

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