LaNova Medicines Ltd. ("LaNova Medicines") announced it has entered into an exclusive license agreement with AstraZeneca (LSE/STO/Nasdaq: AZN), for LM-305, a pre-clinical stage antibody drug conjugate (ADC) targeting G protein-coupled receptor, class C, group 5, member D (GPRC5D).

Under the terms of the licensing agreement, AstraZeneca will be granted an exclusive global license to research, develop, and commercialize LM-305. LaNova Medicines is eligible to receive an upfront and near-term payments of up to $55 million and additional development and commercial milestone payments of up to $545 million, as well as tiered royalties on net sales worldwide.

"LaNova Medicines has a strong focus on discovering and developing innovative medicines in the ADC and Immuno-Oncology fields. We're excited to reach this agreement with AstraZeneca. With the potential to become a first-in-class GPRC5D-directed ADC for multiple myeloma, LM-305 exemplifies our innovative and robust platform for ADC development. This agreement is further recognition of our exceptional pipeline assets and R&D capabilities. We are confident that AstraZeneca is the ideal company to advance LM-305 for the betterment of patients globally." said Dr. Crystal Qin, Founder, Chairman, and CEO of LaNova Medicines.

Nina Shah, Global Head of Multiple Myeloma, Haematology R&D, AstraZeneca, said: "We are pleased to have the opportunity to advance the development of LM-305, a novel GPRC5D-targeting antibody drug conjugate (ADC), as a potential new treatment option for relapsed/refractory multiple myeloma. LM-305 advances our leadership in ADCs and enriches our growing Haematology pipeline, helping us deliver against our broader ambition to transform clinical outcomes for patients living with blood cancers."