HCW Biologics Inc. has announced the continuation of its exclusive license agreement with WY Biotech Co., Ltd. Following the completion of due diligence by WY Biotech on a technical report, the company has decided to proceed with the agreement, which includes a financial commitment to HCW Biologics. This commitment involves an upfront license fee of $7 million. To accommodate WY Biotech's arrangements with its contract development and manufacturing organization $(CDMO)$ and investors, both companies have agreed to extend the payment deadline. WY Biotech is expected to confirm the wiring of the license fee by September 30, 2025.
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