On May 23, Gelonghui Pharmaceutical-B (02142.HK) announced that Nona Biotech (Suzhou) Co., Ltd. (“Nona Biotech”), a wholly-owned subsidiary of the company, has entered into a licensing and option agreement with AstraZeneca (LSE/ STO/ NASDAQ: AZN) (“AstraZeneca”) for preclinical monoclonal antibodies used to create targeted cancer therapies.

Under the agreement, Nona Biotech will: collect an advance payment of $19 million upon completion of the transaction; collect recent milestone payments of $10 million; collect milestone payments of up to $575 million upon completion of specific development, regulatory and commercial milestones; and collect tiered royalties based on net sales. Additionally, if AstraZeneca exercises such options, Nona Biotech is eligible to receive payment in connection with the Options Program.

The agreement marks the company's Harbour MiceAn important milestone in the development of the platform's business, verifying the potential and innovation ability of the company's technology platform. The company will also use this opportunity to further strengthen its global cooperation network through its innovative cooperation model and maximize the scientific and commercial value of the company's technology platform.