Genentech and CGI Pharmaceuticals entered into an exclusive global collaboration agreement to discover, develop, manufacture, and commercialize therapeutics for an undisclosed target for the potential treatment of multiple oncology and autoimmune indications.
Under the terms of the multiyear agreement, Genentech will make an upfront payment to CGI of $25 million, comprised of both license fees and an equity investment. Genentech will obtain an exclusive license to discover, develop, and market small molecules, based on the target throughout the world, except in the E.U. Here, CGI retains development and commercialization rights, independently or in conjunction with Genentech.
The agreement allows further expansion of the collaboration, with the potential for CGI to receive milestone and option payments in excess of $500 million upon the successful completion of certain development and regulatory milestones.