Array BioPharma, Pierre Fabre Ink $455 Million Oncology Drug Pact
Array BioPharma Inc., a biopharmaceutical company based in Boulder, Colorado, and the French pharmaceutical company, Pierre Fabre, have formed a collaboration to globally develop and commercialize Array’s late-stage oncology products, binimetinib and encorafenib. Binimetinib, a MEK inhibitor, and encorafenib, a BRAF inhibitor, are currently advancing in three, global Phase III trials for melanoma and ovarian cancer. Top-line results from a Phase III study of binimetinib in patients with NRAS-mutant melanoma, are anticipated before the end of 2015.
Under the agreement, Array will receive an upfront payment of $30 million and retains exclusive commercialization rights for binimetinib and encorafenib in the United States, Canada, Japan, Korea, and Israel. Pierre Fabre will have exclusive rights to commercialize both products in all other countries, including Europe, Asia, and Latin America. Array is entitled to receive up to $425 million if certain development and commercialization milestones are achieved, and is eligible for tiered double-digit royalties. Array and Pierre Fabre have agreed to split future development costs on a 60:40 basis (Array:Pierre Fabre) with initial funding committed for new clinical trials in colorectal cancer and melanoma. All ongoing binimetinib and encorafenib clinical trials remain substantially funded through completion by Novartis.
Pierre Fabre Oncology, a business unit of the global 10,000-employee Pierre Fabre company, is supported by over 1,000 employees with a strong focus on European markets. In 2014, worldwide annual sales of Pierre Fabre Oncology products surpassed $200 million on the strength of the oral Navelbine, Javlor and Busilvex brands.
The agreement remains subject to European Commission on Competition review and approval.
Source: Array BioPharma