Wednesday July 31, 2013 0 commentsBOULDER - Array BioPharma Inc. (Nasdaq: ARRY) announced a strategic collaboration with New Jersey-based Celgene Corporation for an Array-invented preclinical development program, targeting a novel inflammation pathway.
Under the terms of the agreement, Array will receive an upfront payment of $11 million and Celgene will have an exclusive option to license multiple clinical development candidates, Array said.
Array will be entitled to receive potential milestone payments of up to $376 million based on achieving certain development, regulatory and sales objectives. The company will also be entitled to receive royalties on net sales of all drugs and will retain all rights to the program if Celgene does not exercise its option.
"We are pleased to announce this new collaboration with Celgene focused on a novel inflammation pathway," said Kevin Koch, Array's president and CSO.
"Given Celgene's global leadership and expertise in the development and commercialization of innovative therapies and Array's solid track record of inventing and progressing targeted drugs into clinical trials, we believe this alliance will maximize the value of a very exciting and innovative program."
For more information, visit www.arraybiopharma.com or www.celgene.com.