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Array BioPharma
announced a strategic collaboration with Celgene Corporation for an
Array-invented preclinical development program targeting a novel
inflammation pathway. Under the terms of the agreement Array will receive
an up-front payment of $11 million and Celgene will have an exclusive option
to license multiple clinical development candidates. Array is entitled to
receive potential milestone payments of up to $376 million based upon
achieving certain development, regulatory and sales objectives. Array is
also 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.
(Logo: http://photos.prnewswire.com/prnh/20121029/LA02195LOGO)
"We are pleased to announce this new collaboration with Celgene focused on a
novel inflammation pathway," said Kevin Koch, Ph.D., President and Chief
Scientific Officer, Array BioPharma. "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."
About Celgene
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated
global biopharmaceutical company engaged primarily in the discovery,
development and commercialization of novel therapies for the treatment of
cancer and inflammatory diseases through gene and protein regulation. For
more information, please visit the Company's website at www.celgene.com.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the
discovery, development and commercialization of targeted small molecule
drugs to treat patients afflicted with cancer. Array is evolving into a
late-stage development company and currently expects significant progress
toward generating data to support our upcoming Phase 3 / pivotal trial
decisions. Novartis began a Phase 3 trial evaluating Array-invented MEK162
in NRAS-mutant melanoma in July 2013 and expects to begin a Phase 3 trial in
BRAF-mutant melanoma in 2013. In addition, Array began a Phase 3 trial
evaluating MEK162 in low-grade serous ovarian cancer under the license
agreement with Novartis in June 2013. AstraZeneca began a pivotal trial with
Array-invented selumetinib in thyroid cancer in May 2013 and expects to
begin a Phase 3 trial in non-small cell lung cancer in 2013. Three other
Array-invented drugs are also approaching Phase 3 or pivotal trial decisions
which are expected by the end of 2013. These include Array's wholly-owned
drugs, ARRY-520 and ARRY-614, and one partnered program, danoprevir (with
InterMune/Roche). For more information on Array, please go to
www.arraybiopharma.com.
Array BioPharma Forward-Looking Statement:
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
about future plans to progress and develop the program licensed to Celgene
under the Agreement, the achievement of development, regulatory and sales
objectives resulting in milestone payments to Array, the potential to earn
royalties on future sales of any drugs that may be approved for marketing
and the potential for the results of ongoing preclinical and clinical trials
to support regulatory approval or the marketing success of a drug candidate.
These statements involve significant risks and uncertainties, including
those discussed in the most recent annual report filed on Form 10-K,
quarterly reports filed on Form 10-Q, and other reports filed by Array with
the Securities and Exchange Commission. Because these statements reflect
current expectations concerning future events, actual results could differ
materially from those anticipated in these forward-looking statements as a
result of many factors. These factors include, but are not limited to, the
ability of Array and Celgene to continue to fund and successfully progress
research and development efforts with respect to the licensed program; risks
to Array associated with dependence on Celgene for the clinical development
and commercialization of the licensed program; the ability to effectively
and timely conduct clinical trials in light of increasing costs and
difficulties in locating appropriate trial sites and in enrolling patients
who meet the criteria for certain clinical trials; and risks associated with
dependence on third-party service providers to successfully conduct clinical
trials within and outside the United States. Array is providing this
information as of July 29, 2013 and undertakes no duty to update any
forward-looking statements to reflect the occurrence of events or
circumstances after the date of such statements or of anticipated or
unanticipated events that alter any assumptions underlying such statements.
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