iBio to sell preclinical PD-1 agonist antibody program to Otsuka

iBio (IBIO) entered into an asset purchase agreement with Otsuka Pharmaceutical Co., (OTSKY), pursuant to which Otsuka acquired iBio’s assets related to its early-stage programmed cell death protein 1 agonist program. The transaction closed on February 25, 2024. Under the terms of the Agreement, iBio will receive an upfront payment of $1.0 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.