Monday December 21, 2015 0 comments
BOULDER -- Array BioPharma Inc. (Nasdaq: ARRY) today announced closing a definitive agreement with France-based Pierre Fabre following approval of the agreement by the European Commission on Competition.
The agreement, initially announced on Nov. 16, relates to global development and commercialization of Array’s late-stage novel oncology products: binimetinib and encorafenib.
Binimetinib, an MEK inhibitor, and encorafenib, a BRAF inhibitor, are currently advancing in three global Phase 3 trials for melanoma and ovarian cancer.
Under the terms of the agreement, Array will receive an upfront payment of $30 million and retain exclusive commercialization rights for both products in the U.S., Canada, Japan, Korea and Israel.
Pierre Fabre will have exclusive rights to commercialize both products in all other countries, including Europe, Asia and Latin America.
Array said it will be entitled to receive up to $425 million if certain development and commercialization milestones are achieved.
Array and Pierre Fabre have agreed to split future development costs on a 60:40 basis with initial funding committed for new clinical trials in colorectal cancer and melanoma.
All ongoing clinical trials for both products remain substantially funded through completion by Novartis, the company said.