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CANbridge Pharmaceuticals Inc has entered into a strategic collaboration and licensing agreement with LogicBio Therapeutics Inc (NASDAQ: LOGC) to develop, manufacture and commercialize gene therapy candidates for treatments for Fabry and Pompe diseases.
The candidates will be based on LogicBio's adeno-associated virus (AAV) sL65, the first capsid produced from the LogicBio sAAVy platform.
The agreement also includes options for the development of AAV sL65-based treatments for two additional indications.
CANbridge is also granted an option to an exclusive license for LB-001, an investigational in-vivo gene-editing technology based on the GeneRide platform to treat methylmalonic acidemia (MMA) in Greater China (China, Taiwan, Hong Kong, and Macau).
Under the terms of the agreement, LogicBio will receive an upfront payment of $10 million for Fabry and Pompe disease candidates.
Upon exercising the option for LB-001, CANbridge would assume responsibility and costs for all future development.
The agreement also milestone payments for up to $581 million and up to double-digit royalties on net sales.
Additionally, LogicBio signed a research collaboration and exclusive option agreement with Daiichi Sankyo (OTCMKTS: DSKYF).
The companies will collaborate on developing treatments for two undisclosed indications based on GeneRide, LogicBio's proprietary gene insertion platform.
The financial terms of the collaboration are not disclosed.
Price Action: LOGC shares are up 0.17% at $6.011 during the market session on the last check Tuesday.
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