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GEN News Highlights : Apr 1, 2008

Takeda Snags Cell Genesys’ Prostate Cancer Immunotherapy in $320M Agreement

All development and commercialization rights for this Phase III treatment will transfer to Takeda for $50 million upfront.

Takeda Pharmaceutical has bought the rights to Cell Genesys’ Phase III prostate cancer immunotherapy in a deal valued at $320 million.

The transaction marks Takeda’s third major deal this year. In February, the firm paid $1 billion for Japanese rights to some of Amgen’s development compounds. In March, it ended the joint venture with Abbott Laboratories and agreed to tender $1.5 billion.

The global development and commercialization with Cell Genesys covers GVAX. In exchange for exclusive, worldwide commercial rights, Takeda will pay $50 million upfront and milestones totaling up to $270 million. Cell Genesys will earn tiered, double-digit royalties based on net sales in the U.S. and flat double-digit royalties based on net sales in all other regions.

Takeda will take on financial responsibility for all further development costs associated with the ongoing Phase III program. Cell Genesys will manufacture and supply the product and has the right to copromote in the U.S.