India, March 1 -- Kinnate Biopharma Inc. (KNTE) and Pierre Fabre Medicament announced agreement to the sale of the company's investigational pan-RAF inhibitor, exarafenib, and other pan-RAF program assets pursuant to the Asset Purchase Agreement entered into by the parties. The company said the sale is in furtherance of its previously announced exploration of strategic alternatives.
Kinnate will receive a total consideration of up to $31 million, consisting of $500 thousand at closing, and a $30.5 million contingent payment. Also, Pierre Fabre will assume up to $5 million of trade payables for the transferred assets.
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