On October 31, 2023 XOMA Corporation (NASDAQ: XOMA), the biotech royalty aggregator, reported that it has earned a $5 million milestone related to the U.S. Food and Drug Administration’s (FDA) acceptance of Day One Biopharmaceuticals’ New Drug Application (NDA) for tovorafenib as a monotherapy for relapsed or progressive pediatric low-grade glioma (pLGG) (Press release, Xoma, OCT 31, 2023, View Source [SID1234636570]). The FDA has granted tovorafenib Priority Review and established a Prescription Drug User Fee Act (PDUFA) date of April 30, 2024.

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"Tovorafenib has the potential to address a key unmet need in children whose low-grade gliomas with BRAF alterations have relapsed or progressed," stated Owen Hughes, Executive Chairman of XOMA. "A novel, targeted, orally available option has the opportunity to set a new standard-of-care in this patient population."

In March 2021, XOMA paid $13.5 million upfront plus a share of a future event-based milestone, to acquire the $54 million in potential milestones and mid-single digit royalties associated with tovorafenib, in addition to the economics associated with vosaroxin, from Viracta Therapeutics.