Array BioPharma, Aslan Pharmaceuticals Expand Immuno-Oncology Pact
Array BioPharma, a Boulder, Colorado-based biopharmaceutical company developing small-molecule anti-cancer therapies, has granted Aslan Pharmaceuticals, a Singapore-based biotechnology company focused on immunotherapies and targeted agents for Asia-prevalent tumor types, full global rights to develop, manufacture, and commercialize Array’s gastric cancer drug, varlitinib.
The new licensing agreement replaces the prior licensing agreement signed in 2011 to develop and sublicense varlitinib, which did not grant commercial rights to Aslan.
Under the original agreement signed in July 2011, Aslan was responsible for developing varlitinib through to proof-of-concept and the identification of a partner to complete Phase III development and commercialization. Array was eligible to receive 50% of all varlitinib revenues, including proceeds from outlicensing agreements.
The terms of the new agreement grant Aslan exclusive global rights to commercialize and sublicense varlitinib. Aslan will make an upfront payment of $12 million to Array on signature and a further payment of up to $12 million within the next year, together with up to $30 million of development and $75 million of commercial milestones as well as tiered low double-digit royalties as a percentage of net sales of varlitinib.
Source: Aslan Pharmaceuticals