Quince Therapeutics Sells Legacy Portfolio to Lighthouse Pharmaceuticals

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.

 Highlights

•  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.