BRIEF-Sorrento, Servier enter exclusive worldwide license, collaboration agreement

Mon Jul 11, 2016 9:48am EDT
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July 11 (Reuters) - Sorrento Therapeutics

* Sorrento and Servier enter into exclusive worldwide license and collaboration agreement for development and commercialization of anti-PD-1 antibody

* Financial terms of agreement include, among other things, a non-refundable upfront payment to Sorrento of EUR 25 million

* May also receive development milestone payments for initial product and each additional product

* May receive up to EUR 710 million in payments based on commercial sales milestones

* To be entitled to receive royalties on sales of commercialized products ranging from high single-digit to double-digit percentages Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)