06:59 AM EST, 11/11/2024 (MT Newswires) -- IDEAYA Biosciences ( IDYA ) has exercised its option for an exclusive worldwide license for Biocytogen Pharmaceuticals' IDE034 cancer drug as a development candidate, the companies said Monday.

Under agreement between the two companies, Biocytogen will receive fees, regulatory and commercial milestone payments, and royalties totaling $406.5 million.

IDEAYA Science Chief Michael White said the drug candidate "has shown significant tumor regression in preclinical models" in lung, colorectal, and head and neck cancers.

IDEAYA is aiming for an Investigational New Drug submission for the drug to the US Food and Drug Administration in 2025 ahead of possible human trials.