Press Release January 15, 2021

Cullinan Management Enters Strategic Partnership with Zai Lab for $20 Million Upfront and up to $211 Million in Milestone Payments

The Life Sciences team advised Cullinan Management, Inc. (Nasdaq: CGEM) on its exclusive license agreement with Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) for the development, manufacturing, and commercialization of CLN-081, in Greater China.

 

Cullinan is a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies with transformative potential for cancer patients.

 

Zai Lab is a commercial-stage biopharmaceutical company focused on bringing transformative medicines for cancer and infectious and autoimmune diseases to patients in China and around the world.

 

Under the terms of the agreement, Cullinan Pearl, a Cullinan Oncology company, will receive a $20 million upfront payment, with the potential to receive up to an additional $211 million in development, regulatory and sales-based milestone payments. Cullinan Pearl is also eligible to receive high-single-digit to low-teen tiered royalties based on annual net sales of CLN-081 in Greater China, which includes mainland China, Hong Kong, Macau and Taiwan. Zai Lab obtains the exclusive right to develop, manufacture and commercialize CLN-081 in Greater China.

 

The Goodwin team was led by Richard HoffmanNoelle DubianskySarah Stoiber, and Dan Karelitz.

 

For more details, read the press release and articles in S&P Global and Precision Oncology News.