Array, Celgene Enter Up to $387M R&D Pact Targeting Inflammation
Array BioPharma and Celgene today announced having entered a collaboration through which the companies will use the former firm’s preclinical development program, targeting a novel inflammation pathway.
Under the terms of the agreement, Celgene will pay Array $11 million up front, and will have an exclusive option to license multiple clinical development candidates. Further, Array is entitled to receive potential milestone payments of up to $376 million based upon achieving certain development, regulatory, and sales objectives, the firms said. In addition, Array is also entitled to earn royalties on net sales of all drugs, and will retain all rights to the program if Celgene does not exercise its option.
In a statement, Array BioPharma president and CSO Kevin Koch, Ph.D. said that, “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.”