Grassroots on November 11th, Bai Aosai Tu-B (02315.HK) announced that IDEAYA Biosciences, Inc. (nasdaq: IDYA) (IDEAYA), a precision medical company dedicated to discovering and developing targeted therapeutic drugs for tumors, has exercised its option to obtain the global exclusive license of B7H3/PTK7 topoisomerase inhibitor payload dual-specificity antibody conjugate drug (BsADC) BCG034 (IDE034) with similar first-in-class potential to Bai Aosai Tu, and has nominated the project as a development candidate drug.

IDE034 has the potential to be developed as a monotherapy or in combination with IDEAYA's PARG inhibitor IDE161. Pending the completion of current preclinical and investigational new drug (IND) supportive studies, IDEAYA plans to submit an IND application for IDE034 to the United States Food and Drug Administration (USA FDA) in 2025 to facilitate the initiation of first-in-human trials.

Under the selection and license agreement between BeiGene and IDEAYA, BeiGene will receive upfront and exercise fees, additional development and regulatory milestone payments, commercial milestone payments, and net sales royalties, totaling up to $0.4065 billion, including up to $0.1 billion in clinical development and regulatory milestone payments.