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Kinnate Biopharma (KNTE) has provided an update.
Kinnate Biopharma Inc. has struck a deal with Pierre Fabre Médicament to sell the global rights to its pan-RAF inhibitor program, including the investigational drug exarafenib. The agreement promises Kinnate up to $31 million, with an initial $500,000 payment and further contingent payments based on developmental milestones. Pierre Fabre will also take on the ongoing costs and up to $5 million of trade payables related to the assets. The deal, which already closed without any conditions, could also lead to stockholders receiving net proceeds from the $30.5 million contingent payment, depending on the success of a separate transaction with XOMA Corporation.
Learn more about KNTE stock on TipRanks’ Stock Analysis page.