Following the recent
announcement by Novartis and GlaxoSmithKline that they have entered into a
definitive agreement to exchange certain assets, Array BioPharma Inc. ARRY reports that Novartis has indicated that it will continue to honor its
obligations under the Array-Novartis agreement relating to binimetinib
(MEK162), including obligations relating to support for ongoing clinical
trials as specified in the agreement.
Array BioPharma
In April 2010, Array entered into an agreement under which Novartis received
exclusive worldwide rights to binimetinib. If Novartis' binimetinib
development and commercialization rights are returned to Array, Novartis is
required to provide support for ongoing clinical studies as specified in that
agreement.
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