PRISM BioLab Co.,LTD (?PRISM?) announced that it has entered into a target-exclusive research and licensing agreement with ONO PHARMACEUTICAL CO., LTD. (?Ono ?). Under the terms of the agreement, Ono and PRISM will jointly create a development candidate for Ono's oncology target using PepMetics® technology. Upon identification of the development candidate, PRISM will license its rights to Ono for clinical development and commercialization.

The deal includes upfront payments, pre-clinical, clinical and commercialization success-based milestones, royalties on future net sales, and other terms. Specific financial terms are not disclosed.