On December 15, 2020, Ono Pharmaceutical Co., Ltd. (Osaka, Japan; President, Representative Director, Gyo Sagara; "ONO") reported that it entered into a license agreement with Chordia Therapeutics Inc. (Kanagawa, Japan; President and CEO, Hiroshi Miyake; "Chordia") on CTX-177, Chordia’s MALT1 inhibitor and its related compounds (Press release, Ono, DEC 15, 2020, View Source [SID1234618703]).

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Under the terms of the agreement, ONO will have exclusive global rights to develop, manufacture and commercialize CTX-177 and its related compounds. ONO will pay to Chordia JPY0.8 billion as an upfront payment and JPY2.5 billion at the time of starting Phase 1 clinical study, as one of development milestones. ONO will also pay to Chordia up to JPY49.6 billion if subsequent certain development and commercial milestones are achieved. ONO will also pay to Chordia high-single digits to low double-digit tiered royalties based on net global sales of CTX-177.