Chinese pharmaceutical company Haisco Pharmaceutical Group Co Ltd (SHE:002653) announced on Tuesday that it has entered into an exclusive licensing agreement with Nuvectis, a US biotechnology company.

Under the agreement, Haisco has granted Nuvectis the exclusive rights to develop, manufacture, and commercialise its independently developed innovative drug HSK42360 worldwide, excluding Greater China, as well as its independently developed innovative drug HSK39297 worldwide, excluding Greater China, India, and certain Southeast Asia territories.

HSK42360 is a BRAF paradoxical breaker inhibitor designed to overcome acquired resistance to current BRAF inhibitors. According to Haisco, it demonstrates strong potential in primary brain tumours and brain metastases and is currently being evaluated in a Phase I clinical trial in China. HSK39297 is a potential once-daily (QD) CFB inhibitor. Two NDA applications for PNH have been submitted in China, while several additional indications are advancing through Phase 2 and Phase 3 clinical development in China.

Under the terms of the agreement, Haisco will receive an upfront and near-term payment of USD40m and is eligible to receive up to USD1.421bn in additional development, regulatory, and commercial milestone payments, as well as tiered royalties on future net sales.