10:34 AM EST, 12/03/2024 (MT Newswires) -- Relay Therapeutics ( RLAY ) and HLB's unit Elevar Therapeutics said Tuesday that the companies agreed to an up to $500 million exclusive global licensing deal for lirafugratinib.

Under the agreement, Relay Therapeutics ( RLAY ) will receive up to $75 million in upfront and regulatory milestone payments, $425 million in commercial milestone payments, plus double-digit royalties on global sales.

Additionally, Elevar Therapeutics is responsible for the further development and commercialization of lirafugratinib.

Lirafugratinib is currently under development as a potential treatment for bile duct cancer and other fibroblast growth factor receptor 2-altered solid tumors, according to the statement.

Shares of Relay Therapeutics ( RLAY ) were down 3.4% in recent trading.

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