On November 19, 2024 Alligator Bioscience (Nasdaq Stockholm: ATORX) reported that the Company has entered into an agreement under which Orion Corporation has settled all future contractual milestones, royalty and any other commitments towards Alligator in relation to two preclinical bispecific antibodies resulting from the discovery collaboration between the companies (Press release, Alligator Bioscience, NOV 19, 2024, View Source [SID1234648495]). No further development activities will be conducted under the collaboration agreement.

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"I am pleased that our successful collaboration has grown to this logical outcome. This divestiture sharpens our focus on our lead candidate mitazalimab, and this non-dilutive income constitutes an important element in advancing mitazalimab towards Phase 3" says Søren Bregenholt, CEO of Alligator Bioscience. "Following the unprecedented 18-month survival data announced earlier this year we expect several value inflection points on mitazalimab in the coming months. Notably among them, 24-months follow-up, as well as key progress in Phase 3 preparations in pancreatic cancer, which we are expected to further facilitate partnership discussions."

Van Lanschot Kempen acted as financial adviser to Alligator on the transaction.