Erasca licenses naporafenib from Novartis for $100M upfront plus milestones up to $280M

Erasca, Inc.

Upfront: $20M cash plus ~$80M in Erasca common stock (private placement, 6-mo lock-up).
Regulatory milestones up to $80M; sales milestones up to $200M; low-single-digit royalties.
Exclusive worldwide license to develop, manufacture, and commercialize naporafenib.
Novartis reserves right to use IP for non-clinical research and ongoing trials.
Company presentation (Exhibit 99.1) provides naporafenib overview.

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

Erasca, Inc. entered into License Agreement with Novartis Pharma AG valued at $20 million upfront cash payment and approximately $80 million in shares (effective 2022-12-09).

Action: entry
Agreement: license
Counterparty: Novartis Pharma AG
Value: $20 million upfront cash payment and approximately $80 million in shares
Effective: 2022-12-09

Exact text from the filing

On December 9, 2022, Erasca, Inc. (the Company) entered into an exclusive license agreement (the License Agreement) with Novartis Pharma AG (Novartis) under which the Company was granted an exclusive, worldwide, royalty-bearing license to certain patent and other intellectual property rights owned or controlled by Novartis to develop, manufacture, use, and commercialize naporafenib in all fields of use.

View on SEC.gov

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Erasca, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-301402

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