Bayer Signs Oncology Drug Pact
Bayer HealthCare and the Swedish company, Sprint Bioscience AB, have formed a collaboration and license agreement for the research, development, and commercialization of oncological drug candidates. Under the agreement, Sprint Bioscience licenses an early-stage inhibitor program targeting tumor metabolism to Bayer. Subsequently, Bayer will have full control over further development and worldwide commercialization rights for potential cancer therapeutics and diagnostics.
Under the deal, Sprint Bioscience is eligible to receive up to approximately EUR 190 million ($210 million) in potential preclinical-, clinical-, and net sales-based milestone payments, including an upfront payment from Bayer upon signing of the agreement. Furthermore, Sprint Bioscience is also eligible to receive royalties on worldwide net sales of any resulting products under the collaboration.
Source: Bayer HealthCare