Loxo Oncology,
Inc., a biopharmaceutical company recently established and funded by Aisling
Capital, and Array BioPharma Inc. ARRY today announced a multi-year
license and collaboration agreement for an Array-invented preclinical
development candidate and related intellectual property. In addition, Loxo
and Array will collaborate to discover and develop small molecule drugs for
mutually agreed upon novel oncology targets.
The licensed program targets a specified novel oncogenic activating mutation.
This program and collaboration benefit from recent advances in understanding
the cancer genome. For novel, driver oncogenes, it is possible to accelerate
both preclinical and clinical development of compounds in well-defined target
populations. To date, this approach has generated robust response rates in
Phase 1 and 2 trials, which in turn has enabled rapid clinical development and
commercialization.
Under the terms of the agreement, Loxo will fund Array's preclinical research,
providing access to Array's world-class discovery platform and scientists, and
will be responsible for target selection and conducting clinical trials.
Array is eligible to receive up to $434 million in milestone payments and to
receive royalties on sales of any resulting drugs. In further consideration
of the rights granted to Loxo under the agreement, Array also received shares
of stock in Loxo.
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