10:57 AM EST, 02/20/2025 (MT Newswires) -- UroGen Pharma ( URGN ) said Thursday it has expanded its oncology pipeline by acquiring assets related to ICVB-1042, a next-generation investigational oncolytic virus, from IconOVir Bio.

The biotechnology company said it issued 374,843 shares to IconOVir, with an aggregate value of approximately $4 million, and agreed to a one-time payment of $15 million in cash based on achieving worldwide net sales milestones for products that incorporate the virus.

UroGen also said it agreed to pay IconOVir a low, single-digit percentage royalty based on annual global net sales of any ICVB product.

ICVB-1042 has the potential to destroy cancer cells while maintaining potency and trigger a strong immune response, according to the company.

The company also said it has entered into multiple strategic research collaborations to explore the potential of its proprietary RTGel technology to enhance clinical effectiveness of multiple immunotherapies.

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