Shots:

• Novartis to receive $20M up front, $80M of shares in Erasca common stock at $6.50/share, ~$80M upon achievement of regulatory milestones in the US, EU & Japan for 2 indications & ~$200M in sales milestones along with royalty
• Erasca to get an exclusive royalty-bearing license globally to specific patents and other IP rights (owned or controlled by Novartis) to develop, manufacture & commercialize naporafenib & also has the right to sublicense its rights
• Naporafenib is being studied in the P-II study for NRASm melanoma & other RAS/MAPK pathway-driven tumors & showed a preliminary clinical PoC along with favorable safety & tolerability data as monotx. and in combination with other molecularly targeted and immuno-oncology therapies

Ref: Globenewswire | Image: Novartis