Evommune entered into an exclusive licensing agreement with Hinova Pharmaceuticals for its VAV1 degraders, including the lead compound EVO570, for all territories outside of Greater China. The deal includes a $30 million upfront consideration and over $1 billion in potential milestone payments. Concurrently, Evommune announced a $30 million private placement to fund clinical development and extend its cash runway into the second half of 2029.
Key Details
- License Agreement: Evommune will pay Hinova a $20 million upfront cash payment and issue $10 million in pre-funded warrants to purchase 1,262,413 shares.
- Milestones & Royalties: Hinova is eligible for up to $1.07 billion in total milestones ($150M development/regulatory, $920M commercial), plus tiered royalties from mid-single to low-double digits on future net sales.
- Private Placement: The company will raise approximately $30 million in gross proceeds by selling 4,966,889 shares of common stock at $6.04 per share, with an expected closing on or about November 6, 2026.
- Updated Cash Runway: Following the private placement, the company estimates a pro forma cash balance of approximately $292.3 million, sufficient to fund operations into the second half of 2029.