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NEW YORK – Shanghai-based Zai Lab on Monday said it has exclusively licensed the rights to develop, manufacture, and commercialize Cullinan Oncology's EGFR inhibitor CLN-081 in Greater China.

Under the terms of their agreement, Cambridge, Massachusetts-based Cullinan will receive $20 million upfront from Zai Lab and is eligible to receive up to $211 million in development, regulatory, and sales-based milestone payments. Cullinan will also receive high-single-digit to low-teen tiered royalties based on annual net sales of CLN-081 in mainland China, Hong Kong, Macau, and Taiwan.

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