Option to acquire AkaRx is also part of the deal.
MGI Pharma obtained the rights to develop AkaRx’ antithrombotic agent as well as the option to acquire the company for $45 million.
MGI may acquire all of AkaRx’s capital stock any time prior to January 8, 2010. If the company does exercise its option, MGI will make additional payments of approximately $255 million at that time.
The development and license agreement is related to AKR-501, and no additional milestone or royalty fees are associated with the transaction. MGI will assume responsibility for certain development activities during the option period.
AKR-501 is an orally available small molecule thrombopoietin mimetic being developed for the treatment of thrombocytopenia. It is a full agonist that targets the c-Mpl receptor on platelet-producing cells to stimulate platelet production.
MGI also obtained rights to AKR-201, a metabolite of thyroid hormone targeting thyroid cancer. The compound is in preclinical development and has received an orphan drug designation.