Pidilizumab binds the PD-1 protein on T lymphocytes and reinforces the T-cells' ability to target and kill cancer cells.
As part of the deal, Medivation will develop the antibody, as well as will lead all regulatory and marketing for all indications, including oncology.
Medivation president and CEO, Dr. David Hung, commented that gaining the licensing rights to pidilizumab is part of the firm's strategy to additionally diversify its product portfolio.
The accord also features a manufacturing and supply agreement, as part of which CureTech will manufacture and supply the antibody to Medivation in the next three years for clinical development purposes. The deal could also potentially include a guaranty agreement between Medivation and CureTech's majority shareholder, Clal Biotechnology Industries Ltd (CBI), regarding certain obligations of CureTech. The guaranty is pending clearance by CBI shareholders. In case this does not happen, Medivation could discontinue both the licence, and the manufacturing and supply deals or continue such agreements on reduced economic terms. The shareholders are set to vote on the guaranty and Medivation's exercise of its option to continue to maintain the licence in December.
Pursuant to the terms of the licence deal, and depending on whether the guaranty from CBI is received, CureTech would receive an up to USD-5-million (EUR 4m) upfront payment from Medivation and would be eligible to get payments after the achievement of certain development and regulatory milestones amounting to USD 85 million. Moreover, CureTech may obtain sales-based milestone payments of up to USD 245 million, after the attainment of certain annual global net sales milestones, in addition to tiered royalties ranging from 4%-11% based on annual global net sales.
(USD 1.0 = EUR 0.791)
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