By Chris Wack


iBio has sold its assets related to its early-stage programmed cell death protein-1 agonist program to Otsuka Pharmaceutical Co.

The transaction closed on Sunday.

Under the terms of the agreement, iBio will receive an upfront payment of $1 million in cash at closing. iBio will also be eligible to receive additional contingent cash payments totaling up to $52.5 million upon the achievement of certain pre-specified clinical development and commercial milestones.

iBio said PD-1 is a pivotal checkpoint in the immune system, acting as a type of "off switch" that helps keep the cells from attacking other cells in the body.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

02-26-24 0810ET