Quince Therapeutics Sells Legacy Portfolio to Lighthouse Pharmaceuticals
January 30 at 1:09 pm - by Editor Investors Prism
Biopharmaceutical company, Quince Therapeutics (Nasdaq: QNCX), has sold its legacy small molecule protease inhibitor portfolio to Lighthouse Pharmaceuticals.
As a result of the sale, Quince expects to benefit from the reduction of more than $500,000 of annualized expenses associated with the operational and financial support of the assets.
- Quince may receive up to $150 million in regulatory and commercial milestones payments on a product-by-product basis, subject to conditions in the agreement.
- Under the terms of the agreement, Quince may receive tiered royalty rates of annual net sales related to the two existing clinical stage programs and the preclinical programs.
- The company may also receive a share of the sublicense income or acquisition value of clinical and preclinical assets on a product-by-product basis.
- Quince will receive a 7.5% ownership stake of Lighthouse Common stock with anti-dilution through the first $10 million raised.
Quince Therapeutics is advancing innovative precision therapeutics targeting debilitating and rare diseases.