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License Agreement Between Navire and Lian Bio | 9 Months Ended
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Sep. 30, 2021
Out Licensing Agreements [Abstract] |
Licensing Agreements Between Navire and LianBio | 11. License Agreement Between Navire and LianBio In August 2020, our subsidiary Navire Pharma, Inc. (“Navire”) entered into an exclusive license agreement with LianBio (the “Navire-LianBio License Agreement”). Pursuant to the Navire-LianBio License Agreement, Navire granted to LianBio an exclusive, sublicensable license under the licensed patent rights and know-how to develop, manufacture and commercialize SHP2 inhibitor BBP-398 (“BBP-398”), for tumors driven by RAS and receptor tyrosine kinase mutations. Under the terms of the Navire-LianBio License Agreement, LianBio will receive commercial rights in China and selected Asian markets and participate in clinical development activities for BBP-398. In consideration for the rights granted to LianBio, we received a nonrefundable $8.0 million upfront payment in 2020, which we recognized as license revenue for the three and nine months ended September 30, 2020. We will also have the right to receive future development and sales milestone payments of up to $382.1 million, and tiered royalty payments from single-digit to low-teens on net sales of the product in licensed territories. We recognized $8.5 million in license revenue, representing a regulatory milestone payment, during the nine months ended September 30, 2021. There was no license revenue recognized for the three months ended September 30, 2021 under this agreement.

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