Ropes & Gray advised Erasca, Inc., a precision oncology company, in an exclusive license agreement for a pre-clinical RAS mutation targeting program with a potent oral tumor inhibitor, a potential best-in-class pan-RAS molecular glue called ERAS-0015. The transaction was announced on May 16.
Under the license agreement, in exchange for an exclusive license to develop and commercialize ERAS-0015 in the Erasca territory (worldwide, excluding mainland China, Hong Kong, and Macau), Erasca will pay the licensor, Joyo Pharmatech Co., Ltd., a one-time upfront cash payment of $12.5 million, up to $176.5 million in cash upon the achievement of certain development, regulatory, and commercialization milestones, and a low- to mid-single digit percentage royalty. At Erasca’s election, prior to the dosing of the first patient in a Phase 2 clinical trial by either Erasca or Joyo or the filing of a New Drug Application (NDA) (or foreign equivalent) by either Erasca or Joyo, Erasca can convert its territory to worldwide by making a one-time payment.
The Ropes & Gray team included IP transactions partner Geoffrey Lin, emerging companies and venture capital partner Rajarshi Banerjee and IP transactions associates Peter Chi and Nick Cheung.
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