iBio (IBIO, Financial) announced a licensing agreement with AstralBio for a long-acting anti-myostatin antibody, expanding its cardiometabolic and obesity treatment projects. The antibody, named iBio-600, was identified using iBio's proprietary technology and is designed for subcutaneous delivery, potentially extending its half-life.
Under the agreement, AstralBio will receive a $750,000 upfront payment from iBio, paid through the issuance of common stock. iBio's stock rose 2.04% in pre-market trading following the announcement.
AstralBio is also eligible for up to $28 million in development and commercialization milestone payments. If iBio sublicenses the authorized product, AstralBio will receive 2%-7% of the sublicensing fees.
Additionally, iBio has initiated a bispecific antibody program targeting myostatin/activin A, utilizing its proprietary drug discovery platform and iBio-600 technology to address obesity and cardiometabolic disorders.
