Kazia Therapeutics (KZIA): Paxalisib Chinese Rights Licensed
LONDON, UK / ACCESSWIRE / March 30, 2021 / Kazia (NASDAQ:KZIA) has announced it has signed an agreement for the Greater China rights to paxalisib with Simcere Pharmaceuticals. The deal includes an US$11m upfront (US$7m in cash, and US$4m in an equity investment), up to US$281m in milestone payments and royalties in the mid-teens. This is a key development for Kazia because not only does this payment help alleviate the near-term financing needs of the company, but the deal illustrates the potential value of this asset to partners.
We have increased our valuation US$215m or US$16.60 per basic ADR, from US$190 or US$15.02 per basic ADR. This increase is from the Simcere licensing deal (US$11m from upfront payments and US$14.1m from cash flows). This has reduced our expected future financing requirement to US$7m from US$14m previously.
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