Shanghai, China—November 6, 2019—

Shanghai, China—November 6, 2019—Abbisko Therapeutics, a company dedicated to the discovery and development of innovative cancer therapies today announced that it has entered into a licensing agreement with AstraZeneca PLC (LSE/STO/NYSE: AZN) for the development and commercialization of AZD4547, a novel small molecule inhibitor of fibroblast growth factor receptors (FGFRs).

Under the agreement, Abbisko has acquired an exclusive license for global rights to develop, manufacture and commercialize AZD4547 in all therapeutic, prophylactic, palliative and diagnostic uses in humans and animals including but not limited to FGFR-driven oncology indications. According to the terms of the agreement, AstraZeneca will receive an upfront payment as well as development and sales milestones upon achieving certain regulatory and commercial goals. In addition, AstraZeneca will be eligible to receive tiered royalty fees on net annual sales in the territory.

AZD4547 is a potent, highly selective, orally available clinical stage small molecule inhibitor of FGFR-1, 2 and 3. In preclinical studies, AZD4547 demonstrated strong single agent efficacy in molecularly defined tumor models with a safety profile representative that of the class of agents. In clinical studies, AZD4547 was well tolerated and demonstrated promising response in patients whose tumors harboring FGFR alterations.

Dr. Yao-chang Xu, Chief Executive Officer of Abbisko Therapeutics said “Aberrant activation of FGFR signaling has been implicated in multiple types of cancers. AZD4547 has demonstrated a favorable safety profile in clinical trials and positive signals in cancer patients with FGFR alterations. We believe AZD4547 is a highly competitive drug candidate with potential in a broad range of tumor indications and we look forward to further exploring and realizing AZD4547’s potential in treating patients with FGFR-dependent tumors.”      

“Susan Galbraith, Senior Vice President and Head of Research and Early Development, Oncology R&D, AstraZeneca said: “This collaboration will leverage Abbisko’s scientific expertise related to FGFR biology and sophisticated development capabilities to further explore AZD4547’s potential benefits to meet unmet medical needs.”