Recently, Array BioPharma Inc. (ARRY) struck a deal with Novartis AG (NVS) to develop its small-molecule methyl ethyl ketone (MEK) inhibitors for treating cancer.
The transaction is worth up to $467 million. Array is entitled to receive $45 million in upfront and milestone payments and a further $422 million subject to the achievement of other milestones.
The global agreement pertains to the development of ARRY-162, ARRY-300 and other MEK inhibitors. ARRY-162 is currently undergoing early-stage development. The open-label, multiple dose trial is designed to determine the maximum tolerated dose apart from evaluating the safety, pharmacokinetics and pharmacodynamics of the candidate after daily oral administration in advanced cancer patients with solid tumors.
The study has established a maximum tolerated dose. Array has started an expansion phase of this trial initially in patients suffering from biliary tract cancer.
The deal entitles Array to double-digit royalties on sales of approved drugs outside the US. Royalty rates are higher for US sales in the event of Array meeting its co-funding obligations. Furthermore, Array possesses a co-detailing right in the US for approved drugs.
Array BioPharma, founded in 1998 and headquartered in Boulder, Colorado, focuses on developing orally active drugs by utilizing the latest advances in chemistry, biology, and informatics. Array possesses an intriguing pipeline for cancer, inflammatory and metabolic diseases.
The company has collaborations with leading pharmaceutical and biotechnology companies such as Celgene Corp. (CELG), AstraZeneca Plc (AZN), Amgen Inc. (AMGN) for the discovery and development of drug candidates across a broad range of therapeutic areas.
Read the full analyst report on “ARRY”
Read the full analyst report on “AMGN”
Read the full analyst report on “NVS”
Read the full analyst report on “CELG”
Read the full analyst report on “AZN”
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