Philochem to license worldwide rights to OncoACP3 to RayzeBio

Philochem AG, a wholly-owned subsidiary of the Philogen Group, and RayzeBio, a wholly-owned subsidiary of Bristol-Myers Squibb, announced a definitive agreement under which Philochem will license the exclusive worldwide rights to develop, manufacture, and commercialize OncoACP3, a clinical stage therapeutic and diagnostic agent targeting prostate cancer, to RayzeBio. Under the terms of the agreement, Philochem will receive an up-front payment of $350M and up to $1B in development, regulatory and commercial milestones. The company will also receive mid-single to low double-digit royalties payable on Global Net Sales of both Therapeutic and Diagnostic agents of OncoACP3. The closing of the transaction is subject to regulatory approvals and other customary closing conditions. The parties expect that the agreement will close in the third quarter of 2025.