Strand's platform is designed to deliver mRNA directly to a tumor site in order to modify the tumor microenvironment. The platform has the potential to use programmable, long-acting mRNA to treat deadly diseases, including solid tumor cancers.

Under the agreement, BeiGene has secured the option to an exclusive license that would allow the firm to develop and commercialize in Australia, New Zealand, and all of Asia except for Japan. The license would extend to up to two immuno-oncology programs that utilize Strand's intratumoral or systemic delivery mechanisms.

As part of the agreement, Strand will receive an upfront cash payment of $5 million. The company is also eligible to receive near-term payments adding up to $28 million, including for BeiGene's exercise of its options following initial proof-of-concept studies.

In addition, Strand is eligible to receive payments upon reaching specific development, regulatory, and sales milestones. These payments could lead to a total deal of up to $277 million for the company, including any tiered royalties on product sales in licensed territory.

Strand also announced it received $10 million in investments in connection with the agreement. This included $5 million from BeiGene.