Pyxis Oncology Obtains $8 Million Payment for the Sale of Royalty Rights
BOSTON, March 27, 2024 (GLOBE NEWSWIRE) -- Pyxis Oncology, Inc. (Nasdaq: PYXS), a clinical stage company focused on developing next generation therapeutics to target difficult-to-treat cancers, announced today that it has completed the sale of its rights to royalties from the commercialization of Beovu® (brolucizumab-dbll) and another asset to Novartis for a one-time cash payment of $8 million.
- Under the agreement with Novartis, Pyxis Oncology will receive an $8 million payment from Novartis.
- Royalties previously received by Apexigen and Pyxis Oncology will be free from any reclaim rights.
- Pyxis Oncology will record the $8 million payment in Q1 2024.
- Pyxis Oncology retains rights to three other antibodies in development by Apexigen's licensees, which were also discovered leveraging the APXiMAB platform.