Equillium receives $26M upfront from Ono for itolizumab option; up to $138.5M in milestones

Equillium, Inc.

Upfront payment of $26.0M (¥3.5B) non-refundable; option exercise payment of $37.1M (¥5.0B) if exercised.
Eligible for up to $101.4M development milestones, plus exercise payment, total up to ~$138.5M.
Ono will fully fund Equillium's R&D for itolizumab quarterly from July 1, 2022 through option period.
Option expires 3 months after topline EQUALISE (lupus nephritis) and interim EQUATOR (aGVHD) data.
Equillium expects funding into 2025; advancing wholly-owned pipeline (EQ101, EQ102).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Equillium, Inc. entered into Purchase Agreement with Ono Pharmaceutical Co., Ltd. valued at JPY 3.5 billion (effective 2022-12-05).

Action: entry
Agreement: asset purchase
Counterparty: Ono Pharmaceutical Co., Ltd.
Value: JPY 3.5 billion
Effective: 2022-12-05

Exact text from the filing

On December 5, 2022, Equillium, Inc., a Delaware corporation (the “Company”), entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Ono Pharmaceutical Co., Ltd. a Japan kabushiki kaisha (“Ono”), pursuant which the Company granted Ono the exclusive right, but not the obligation, to acquire the Company’s rights to itolizumab, a first-in-class monoclonal antibody targeting CD6 (the “Option”). In exchange for the Option, Ono will pay the Company a one-time, non-refundable upfront payment of an amount equal to JPY 3.5 billion, or approximately $26.0 million.

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Equillium, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-298869

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