12:03 PM EDT, 07/23/2024 (MT Newswires) -- AstraZeneca ( AZN ) has entered into an exclusive option and global license agreement with Pinetree Therapeutics for a preclinical epidermal growth factor receptor, or EGFR, degrader candidate, Pinetree said Tuesday.

Under the terms of the agreement, Pinetree will receive upfront and near-term payments of up to $45 million and will be eligible for development and commercial milestone payments of more than $500 million, as well as tiered royalties on net sales worldwide.

AstraZeneca ( AZN ) shares fell 0.6% in recent trading.

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