ABVC BioPharma licenses BLEX 404 for TNBC to OncoX in deal worth up to $13.75M plus royalties

ABVC BIOPHARMA, INC.

Definitive license agreement with OncoX BioPharma for exclusive rights to develop and commercialize BLEX 404 for TNBC in 50% of worldwide markets for 20 years.
Total license fee of $6.25M (or 1.25M OncoX shares at $5/share) due 30 days after signing; additional milestone of $625k cash after OncoX's next fundraising (no guarantee).
ABVC and its subsidiary BioLite each signed identical agreements; aggregate potential payments including royalties up to $13.75M (press release states $12.5M license fee and $1.25M milestone).
Royalties of 5% of net sales on licensed product, up to $12.5M, starting from first commercial sale (uncertain).
US FDA has approved four INDs for ABVC's BLEX 404 combination therapy, including for TNBC (IND 129575).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ABVC BIOPHARMA, INC. entered into Oncox Agreement with OncoX BioPharma, Inc. valued at Total of $6,250,000 (or 1,250,000 Oncox shares valued at $5 per share) and an additional milestone p (effective 2024-05-14).

Action: entry
Agreement: license
Counterparty: OncoX BioPharma, Inc.
Value: Total of $6,250,000 (or 1,250,000 Oncox shares valued at $5 per share) and an additional milestone p
Effective: 2024-05-14

Exact text from the filing

On May 14, 2024, the Company entered into a definitive agreement with OncoX BioPharma, Inc., a private company registered in the British Virgin Islands (“ Oncox ”), pursuant to which the Company will grant Oncox an exclusive right to develop and commercialize ABVC’s BLEX 404 single-herb botanical drug extract from the dry fruit body of Maitake Mushroom (Grifola Frondosa) for treatment of Tripple Negative Breast Cancer (the “ Licensed Products ”), within a certain territory, specified as 50% of the Worldwide Markets for 20 years (the “ Oncox Agreement ”).

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Source: SEC EDGAR

accession 0001213900-24-043229

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