US biotech company Nona Biosciences announced on Thursday the signature of a licensing agreement with AstraZeneca for the development of new targeted cancer therapies.

Under the terms of the agreement, Nona Bio will contribute its expertise in monoclonal antibodies, currently in the preclinical stage, while AstraZeneca will select potential candidates.

In return, Nona Biosciences will receive an upfront payment of $19 million, to which could be added $10 million in milestone payments depending on project progress, and up to $575 million depending on regulatory and commercial targets achieved.

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