Singapore, Sept. 22 -- South Korea-based 1ST Biotherapeutics, Inc. and SK Biopharmaceuticals have entered into an exclusive global licensing agreement and strategic equity investment (SI) partnership to advance 1ST-104, a novel drug candidate for the treatment of Parkinson's disease.

Under the terms of the agreement, 1STBIO will receive an upfront payment of $1.8 million. The total licensing agreement is valued at up to $314.8 million, including a short-term milestone of $1.8 million upon candidate selection and additional milestones. Upon commercialisation, 1STBIO is also eligible to receive tiered royalties based on global net sales. Separately, SKBP has made a $2.2 million strategic equity investment in 1STBIO to foster a long-term pa...