Nona Biosciences, a global biotechnology company providing a total solution from "Idea to IND" (I to I^TM), ranging from target validation and antibody discovery through preclinical research, announced today that it has entered into a license agreement with AstraZeneca (LSE/STO/Nasdaq: AZN) for preclinical monoclonal antibodies that will be used to create targeted therapies in oncology.

Under the terms of the agreement, Nona Biosciences shall receive US$19 million upon completion of the transaction. Nona is eligible to receive an additional US$10 million in potential near-term milestone payments and up to US$575 million upon achieving specified development, regulatory, and commercial milestones, as well as tiered royalty payments on net sales. In addition, Nona is eligible to receive payments for the option programs should AstraZeneca exercise these options.

"We are delighted to announce this agreement with AstraZeneca, global leaders in developing tumor targeted therapies, to maximize the potential of our novel antibodies," said Jingsong Wang, M.D., Ph.D., Chairman of Nona Biosciences. "This agreement further validates our leading antibody discovery platform, and we look forward to seeing our antibodies developed into potential new medicines for cancer patients."

Puja Sapra, Senior Vice President, Tumour Targeted Delivery, Oncology R&D, AstraZeneca, said: "The global license agreement with Nona Biosciences is an exciting opportunity to further develop these antibodies derived from Nona's innovative biologics discovery engine into novel tumor targeted therapies using AstraZeneca's industry-leading capabilities."