By Chris Wack
iBio has sold its assets related to its early-stage programmed cell death protein-1 agonist program to Otsuka Pharmaceutical Co.
The transaction closed on Sunday.
Under the terms of the agreement, iBio will receive an upfront payment of $1 million in cash at closing. iBio will also be eligible to receive additional contingent cash payments totaling up to $52.5 million upon the achievement of certain pre-specified clinical development and commercial milestones.
iBio said PD-1 is a pivotal checkpoint in the immune system, acting as a type of “off switch” that helps keep the cells from attacking other cells in the body.
Write to Chris Wack at chris.wack@wsj.com
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