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CHENGDU, Oct.16^th, 2024 -- Chengdu Baiyu Pharmaceutical Co., Ltd. ("Baiyu") today announced that it has entered into an exclusive license agreement with Novartis for a small molecule anti-tumor asset.

Under the terms of the license agreement, Baiyu will receive an upfront payment of $70 million and is eligible to receive additional development, regulatory and commercial milestones payments of up to $1.1 billion, as well as tiered royalties.

Novartis has been granted an exclusive worldwide license for the development and commercialization of this asset.

BFC Group acted as the exclusive financial advisor to Baiyu.

This collaboration is an important step for Baiyu in making potential anti-tumor drugs available to patients globally, and Baiyu look forward to positive results being realized.

About Chengdu Baiyu Biopharmaceutical Co., Ltd.

Founded in 2005, Baiyu is a pharmaceutical company headquartered in Chengdu, China. The company is dedicated to discover and develop innovative medicines, for which it has earned numerous prestigious national awards. With over 20 years of focused research on the core pharmacological components of Ginkgo biloba, we have successfully developed modern botanical drugs, including Ginkgolide Injection and Ginkgolide Dropping Pills.