NINGBO, China--(BUSINESS WIRE)--Ningbo NewBay Medical Technology Co., Ltd., a subsidiary of Ningbo Tai Kang Medical Technology Co., Ltd. announced today that it has entered into a licensing agreement with Genentech, a member of the Roche Group, under which it has been granted the exclusive global rights to further develop and commercialize GDC-0570, a small molecule Pan-PIM inhibitor that is active against multiple myeloma and prostate cancer in preclinical models. PIM kinases regulate cell metabolism, growth and survival.
“We are very pleased to enter this global exclusive license agreement with Genentech. We look forward to working with medical experts and global regulatory agents to accelerate clinical development of this promising investigational medicine,” commented Dr. Zhenhai Shen, CEO of Ningbo NewBay Medical Technology Co., Ltd.
Under the agreement, Genentech will receive an upfront payment and will be eligible to receive milestone payments linked to clinical, regulatory and commercial successes, as well as royalty payments.
GDC-0570 is a small molecule Pan-PIM inhibitor discovered and developed by Genentech. PIM-1/2/3 are Serine/Threonine kinases which play an essential role in the regulation of signal transduction cascades. GDC-0570 is a potential first-in-class drug candidate.
About Ningbo NewBay Medical Technology Co., Ltd.
Ningbo NewBay Medical Technology Co., Ltd. is an oncology focused biopharma company based in China with global development capabilities. It is a wholly owned subsidiary of Ningbo Tai Kang Medical Technology Co., Ltd. NewBay and Tai Kang own the Greater China right for two EP4 antagonists from AskAt, Inc. and the global right for c-KIT inhibitor from AstraZeneca.