Medivation, BioMarin Sign $570 M Deal for Breast Cancer Drug
The biopharmaceutical companies, Medivation, Inc. and BioMarin Pharmaceutical Inc.,have entered into an asset purchase agreement under which Medivation will acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), an orally-available poly ADP ribose polymerase (PARP) inhibitor currently in a Phase III study for treating deleterious germline BRCA 1 or BRCA 2 mutations and locally advanced and/or metastatic breast cancer.
Under the agreement, Medivation will pay BioMarin $410 million upfront, up to an additional $160 million upon the achievement of regulatory and sales-based milestones and mid-single digit royalties for talazoparib. Medivation will be responsible for all research, development, regulatory, and commercialization activities for all indications on a global basis.At the closing of the transaction, Medivation will assume all financial obligations associated with the development and commercialization of talazoparib. The closing of the transaction is conditioned on the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is anticipated to close in 2015.
Talazoparib is an orally available PARP inhibito under investigation for treating certain cancers. PARP inhibitors are a class of molecules that has shown clinical activity against cancers involving defects in DNA repair.