SESN had huge 8k filed yesterday:
On September 29, 2020, Sesen Bio, Inc. (the “Company”) received $10.0 million in net proceeds associated with the $12 million upfront payment due under the Company’s Exclusive License Agreement (the “License Agreement”) with Qilu Pharmaceutical Co., Ltd. (“Qilu”). As previously disclosed, the Company entered into the License Agreement with Qilu to develop, manufacture and commercialize the Company’s product candidate VB4-845, also known as Vicineum™, in Greater China.
Under the terms of the License Agreement, the Company is also eligible to receive (i) a 12% royalty, subject to certain reductions, based upon annual net sales of Vicineum in Greater China, and (ii) payments totaling up to $23 million upon the achievement of certain technology transfer, development and regulatory milestones, the first of which the Company expects to occur in early 2021.
In connection with the License Agreement, the Company has initiated a technology transfer of Vicineum to Qilu, which is expected to be completed in mid-2021. Upon completion of the technology transfer, the Company will receive a milestone payment. The technology transfer would also provide the Company with an opportunity to establish a contract manufacturing partnership with Qilu to help meet the significant global demand expected for Vicineum.
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