UCB invests $13.5 million and will pay another $13.5 million when the first patient is dosed.
Wilex will acquire worldwide rights to develop UCB’s preclinical oncology pipeline, comprising two small molecule programs and three antibody programs. UCB will invest €10 million, or $13.5 million, in Wilex, giving it approximately 13% ownership. It will also make milestone payments of €10 million upon first dosing in a Phase I trial. UCB expect to initiate a Phase I study within 12 months of closing.
UCB retains rights to repurchase each of the five programs, following completion of initial clinical feasibility studies. If UCB does exercise this option, it will conduct further development and commercialization, and Wilex will receive milestone fees and royalties. Alternatively, in the event UCB does not exercise its repurchase right for a program, UCB will receive milestones and royalties as Wilex progresses candidates.