11:03 AM EDT, 07/31/2024 (MT Newswires) -- IDEAYA Biosciences ( IDYA ) said Wednesday it has agreed to an option and license deal with Biocytogen Pharmaceuticals for a potential solid tumors treatment program.

Under the agreement, IDEAYA will pay up to $406.5 million to Biocytogen, which includes upfront, option exercise and milestone payments. Development and regulatory milestone payments amount to $100 million.

In exchange, IDEAYA will be granted an option for an exclusive worldwide license for a potential first-in-class B7H3/PTK7 topo-I-payload bispecific antibody drug conjugate program. B7H3/PTK7 has been found to be co-expressed in multiple solid tumor types, the company said.

A development candidate from the program will be nominated in H2, the company added.

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