Beigene Limited - B (02315.HK) announced that IDEAYA Biosciences (IDYA.US) has exercised the option to acquire the exclusive global rights to BCG034, a bispecific antibody-drug conjugate with dual specificity targeting the B7H3/PTK7 topoisomerase enzyme inhibition payloads that the company believes has similar first-in-class potential, and has nominated the project as a development candidate drug.

Under the agreement, the company will receive an upfront payment and option exercise fee, additional development and regulatory milestone payments, commercial milestone payments, and net sales royalties, totaling $0.4065 billion, including up to $0.1 billion in clinical development and regulatory milestone payments.