Oruka Therapeutics enters exclusive IL-23 license with Paragon; up to $22M milestones

Oruka Therapeutics, Inc.

Oruka grants exclusive worldwide license for anti-IL-23 antibodies (ORKA-001) from Paragon, excluding inflammatory bowel disease.
Milestone payments up to $22M including $1.5M for development candidate nomination and $2.5M for first Phase 1 dosing.
Low single-digit royalty on antibody products; royalty term ends 12 years after first sale or last-to-expire patent.
Paragon will not conduct new anti-IL-23 monospecific antibody campaigns in Field for at least 5 years.
Company may terminate on 60 days notice; agreement also subject to material breach and insolvency provisions.

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