Cue Biopharma to receive $7.5M milestone payment from Boehringer Ingelheim pact

Cue Biopharma (CUE) announced that it will receive a $7.5M preclinical milestone payment under its collaboration and license agreement with Boehringer Ingelheim following Boehringer Ingelheim’s selection and approval of its first compound for lead optimization. The company expects to receive the payment in May. Under the terms of the collaboration and license agreement with Boehringer Ingelheim, Cue Biopharma’s technology will be leveraged to further research and advance the development of the candidate molecule. The terms of the multi-year collaboration also include the ability of the parties to expand research and development into various B cell targeting bispecifics encompassing autoimmune diseases. Pursuant to the terms of the collaboration, Cue Biopharma is also eligible to earn, in addition, up to approximately $337.5M in additional research, development and commercial milestone-based payments as well as royalty payments on net sales.