Unilife, Amgen Form Strategic Collaboration
Unilife Corporation, a developer and commercial supplier of injectable drug delivery systems, has formed a strategic collaboration with Amgen for injectable drug-delivery systems. The collaboration, which includes licensing, investment, development and supply agreement components, is centered upon the use of Unilife’s portfolio of prefilled, customizable wearable injectors.
Under the terms of the collaboration, Unilife has granted Amgen exclusive rights to Unilife’s wearable injectors within select drug classes for use with certain Amgen assets, while preserving rights previously granted to other Unilife customers. Unilife has also granted Amgen non-exclusive rights to all proprietary Unilife delivery systems within the therapeutic areas of oncology, inflammation, bone health, nephrology, cardiovascular, and neuroscience.
Under the strategic collaboration, Unilife can receive up to $75 million. At closing, Amgen paid a nonrefundable $20 million license fee and purchased a $30 million senior secured convertible note from Unilife. Amgen may purchase up to an additional $25 million in senior secured convertible notes over the next two years ($15 million in January 2017 and $10 million in January 2018). These payments are in addition to Amgen’s $15 million payment to Unilife in connection with the exclusivity letter entered into on December 31, 2015.
In addition to these payments, Unilife expects to generate future revenue from the strategic collaboration with Amgen. The collaboration includes a master development and supply agreement that captures key terms for the development, production and supply of Unilife delivery systems. Development programs will commence in 2016.