10:56 AM EDT, 06/18/2024 (MT Newswires) -- Day One Biopharmaceuticals ( DAWN ) said Tuesday it signed a licensing agreement with MabCare Therapeutics for MTX-13, an antibody drug conjugate that targets protein-tyrosine kinase 7, a transmembrane protein that is highly expressed in a broad range of adult and pediatric solid tumors.

Under the terms of the deal, Day One has exclusive rights to develop, manufacture and commercialize MTX-13 globally, excluding Greater China.

MabCare will receive $55 million upfront and is eligible to receive an additional $1.15 billion in various milestones, along with low-to-mid single-digit royalties on net sales outside of Greater China, the company said.

Day One said it expects the first patient to be dosed in a phase I study in Q4 2024 or Q1 2025.

The company's shares were up 1.1% in recent trading.

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