Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 55

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 55
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 to the terms of the Ayrmid License Agreement, Ayrmid
paid a non-refundable $10 million upfront payment and we are entitled to up to $87 million of certain commercial and sales milestones
based on defined sales targets of motixafortide in the Ayrmid Territory. Additionally, we are eligible to receive tiered double-digit
royalties (ranging from 18-23%) on aggregate net sales of motixafortide on a country-by-country basis until the longer of (i) fifteen
years from the date of the first sale of motixafortide by Ayrmid in such country, (ii) the last to expire of any licensed patents with
respect to motixafortide in such country, (iii) the expiration of regulatory exclusivity in such country and (iv) the expiration of motixafortide’s
orphan drug status, if any, in such country, it being noted that such royalties may be subject to reduction in certain specific circumstances.

In connection with the Ayrmid License Agreement, we and Ayrmid
also entered into a manufacturing and supply agreement, or the Supply Agreement, according to which we will supply motixafortide to Ayrmid
during the term of the Ayrmid License Agreement, on a cost-plus basis, for both commercial and development supply. Furthermore, the Supply
Agreement provides Ayrmid with “step-in rights” with respect to the manufacture and supply of motixafortide upon the occurrence
of certain trigger events. In addition, we and Ayrmid entered into a transition services agreement pursuant to which we agreed to provide
Ayrmid with certain services related to the development and commercialization of motixafortide within the Ayrmid Territory during a defined
transition period, on a cost basis.

The Ayrmid License Agreement will continue on a country-by-country
basis in the Ayrmid Territory until the expiration of the royalty term or earlier termination thereof. The Ayrmid License Agreement may
also be terminated by either party in the case of a material breach or bankruptcy. Further, if our license agreement with Biokine Therapeutics
Ltd., or the Upstream License, is terminated in whole or in part, the Ayrmid License Agreement will immediately terminate. In such event,
Ayrmid will have the right to enter into a direct license agreement with the licensor of such Upstream License on substantially similar
terms.

Following the Ayrmid License Agreement, we shut down our commercial