By Shreyas Tanna From Biopharmapress

The biotech company Leaps Therapeutics Inc. and the commercially successful bio pharmacist BeiGene Ltd. have announced the exclusive option-and license-based agreement on the cline development and marketing of DKN-01 Anti-Dickkopf-1 (DKK1) antibody in A Leap Biotech company Leap Therapeutics Inc.

According to the report: “In return for granting BeiGene the potential for an exclusive license for developing and commercializing DKN-01 in Asia, Australia, and New Zealand, Leap received an upfront cash payment of $3 million from BeiGene, who is eligible to receive an additional payment from BeiGene following an initial proof of use. BeiGene is also investing 5 million dollars in Leap as part of the 27 dollars

Leap Therapeutics is based in Cambridge. Targeted immune-oncology therapeutics are specifically developed. The company’s monoclonal antibodies target key cell pathways, cancer cell signals, which help the immune system recognize and treat carcinoma that can spread and sprout.

BeiGene was founded in 2010 in Beijing. It has 3,300 employees in China, the United States, Australia, and Europe and also has offices in the Cayman Islands. In this regard, the company describes its business as “a global research biotech research enterprise focusing on molecular and immune-oncology therapy for cancer which develops a pipeline of new oral small molecules and monoclonal cancer antibodies.” Zanubrutinib, Tislelizumab and Pamiparib belong to the company’s principal products. In addition, the company markets various pharmaceutical products, including ABRAXANE, REVLIMID and VIDAZA, licensed by Celgene Corp. for China.

With a market capitalization of about $25.6 million with approximately 24.2 million outstanding shares, Leap Therapeutics began the day. LPTX shares opened today at $1.44 almost 36 percent higher than the closing price of $1.06 yesterday. The stock traded at very high volumes today between $1.32 and $1.95 per share and is now trading at $1.68.