Sichuan Biokin Pharmaceutical (688506.SH): Global strategic cooperation agreement triggers the second milestone payment condition of US$250 million.

Sichuan Biokin Pharmaceutical (688506.SH) announced that its wholly-owned subsidiary SystImmune, Inc. ("SystImmune") had previously entered into an exclusive license and cooperation agreement with Bristol Myers Squibb ("BMS", NYSE: BMY) for the Yizekang (lunbotamab vedotin, BL-B01D1/iza-bren) project. The global Phase III pivotal registrational clinical trial IZABRIGHT-Lung02 for Yizekang (lunbotamab vedotin, BL-B01D1/iza-bren) has achieved a milestone event, officially triggering the second near-term contingent payment condition of US$250 million under the cooperation agreement. SystImmune will receive the payment in the near term (the actual amount received is subject to deduction of bank charges). Under the cooperation agreement, the company remains eligible to receive up to an additional US$7.1 billion upon achieving specific development, regulatory, and sales milestones. The milestone payments stipulated in the cooperation agreement are subject to certain conditions, and the final milestone payments remain uncertain.