On Tuesday, Chinese-American biotech Allorion Therapeutics announced the signing of an exclusive licensing agreement with AstraZeneca for the development of a new treatment for non-small cell lung cancer.

Under the terms of the agreement, Allorion will receive an upfront payment of $40 million, plus milestone payments of up to $500 million, in addition to potential royalties on future sales of the project.

The collaboration focuses on Allorion's allosteric inhibitor L858R, designed to address the resistance mechanisms currently faced by existing EGFR inhibitors, and has the potential to enhance their activity, when used in combination.

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