Array Biopharma Announces Binimetinib Continues to Advance in Clinical Development
Following the recent announcement by Novartis and GlaxoSmithKline that they have entered into a definitive agreement to exchange certain assets, Array BioPharma Inc. (NASDAQ: 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.
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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