SpringWorks Entered into an Expanded Non-Exclusive License Agreement with GSK for Nirogacestat + Blenrep to Treat Multiple Myeloma
Shots:
- SpringWorks to receive a $75M in equity investment in the Company’s common stock per value of $0.0001/share represented a premium of 25% to the 30-day volume weighted avg. closing price on Sept 2022, ~$550M in additional fees upon achievement of development and commercial milestones
- SpringWorks to get full commercial rights to nirogacestat globally. GSK will be responsible to fund all development costs excl. supply of nirogacestat and expenses related to IP rights
- The companies expanded their June 2019 agreement which was later amended in Oct 2021 to develop & commercialize nirogacestat + Blenrep for patients with newly diagnosed multiple myeloma. SpringWorks will supply nirogacestat in GSK’s global Blenrep development program & is expected to make it available to patients shortly
Ref: SpringWorks | Image: GSK
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Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
