Under the terms of the agreement, AstraZeneca will be granted an exclusive option to license a novel EGFR L858R allosteric inhibitor to develop and commercialize globally. Allorion is eligible to receive upfront and near-term payments of up to $40 million, and additional development and commercial milestone payments of over $500 million, as well as tiered royalties on net sales worldwide.

Fang Li, PhD., Cofounder and Chief Scientific Officer of Allorion remarked, "Allorion's EGFR L858R allosteric inhibitor is designed to address mechanisms of resistance to current EGFR inhibitors and has the potential to enhance their activity, when used in combination. We are excited to enter into this agreement with AstraZeneca, a global leader in this field, to advance our EGFR inhibitor into the clinic and explore potential combinations with other EGFR targeting molecules such as Tagrisso."