Agreement with Novartis will advance aim to become integrated, commercial-stage biopharma company
US biopharmaceutical company Array BioPharma has entered into an agreement with Novartis for the worldwide development of the small-molecule MEK inhibitors ARRY-162, currently in a Phase 1 cancer trial, its back-up, ARRY-300, and other MEK inhibitors.
Under the terms of the agreement, Array will initially receive an upfront and milestone payment amounting to US$45m and is eligible to receive an additional $422m if certain clinical, regulatory and commercial milestones are achieved.
In addition, Array plans to co-develop ARRY-162 in one or more specific indications and fund a portion of development costs.
‘This agreement with Novartis is a major advance in our strategic objective to become a fully integrated, commercial-stage biopharmaceutical company,’ said Robert E. Conway, ceo, Array BioPharma. ‘We believe ARRY-162 will benefit from the additional resources of a major pharmaceutical company to rapidly maximise its promise as a cancer treatment, both as a single agent and in combination therapy. Novartis is the right partner because of its track record in developing and commercialising important new cancer therapies.’