Elevation Oncology dips its toes into ADCs, adding second drug to its bag.

On Wednesday, Elevation Oncology licensed an ADC for gastric and pancreatic cancer from Chinese biotech CSPC Megalith Biopharmaceutical. The deal gives Elevation rights to develop the drug outside of China, Taiwan, Hong Kong, and Macau. CSPC Megalith will get $27 million upfront, with an additional $148 million in future milestones.