– Ono will receive rights to develop and commercialize binimetinib and encorafenib in Japan and South Korea, strengthening its growing oncology portfolio –
– Array to receive $31.6 million up-front payment and up to $156.0 million in additional development and commercial milestones, as well as robust double-digit royalties on future sales –
BOULDER, CO, USA and OSAKA, Japan I May 31, 2017I Array BioPharma Inc. (Nasdaq: ARRY) and Ono Pharmaceutical Co., Ltd. (“Ono”) today announced a license, development and commercialization partnership for Array’s late-stage novel oncology compounds, binimetinib and encorafenib. As a result of this agreement, Ono will receive rights to develop and commercialize binimetinib and encorafenib in Japan and South Korea . Binimetinib, a MEK inhibitor, and encorafenib, a BRAF inhibitor, are currently in two global Phase 3 trials, for the treatment of patients with BRAF-mutant melanoma (COLUMBUS) and BRAF-mutant colorectal cancer (BEACON CRC).
Under the terms of the agreement, Array will receive an upfront payment of $31.6 million (¥3.5 billion) and retains exclusive commercialization rights for binimetinib and encorafenib in the United States , Canada and Israel. Array is entitled to receive up to an additional $156 million (¥17.3 billion) if certain development and commercial milestones are achieved. A portion of these milestones is related to the Phase 3 BEACON CRC trial. In addition, Array will be eligible for robust, tiered, double-digit royalties based on product sales in Japan and South Korea. Ono will obtain the right to conduct clinical trials of binimetinib and encorafenib in Japan and South Korea , as well as participate in all future global development of binimetinib and encorafenib by contributing 12% of those future costs.
“In Ono, we selected a market leader in immuno-oncology with a rapidly growing product portfolio and recent track record of successful development and commercialization in Japan ,” said Ron Squarer, Chief Executive Officer, Array BioPharma. “This partnership allows us to remain focused on commercializing binimetinib and encorafenib in the US, while benefiting from Ono’s clear expertise in these key markets.”
“We are very delighted to collaborate on binimetinib and encorafenib with Array, a leading company with proven and successful experience in research and development of molecularly targeted therapy,” said Gyo Sagara, President, Representative Director and Chief Executive Officer, Ono. “These two compounds have shown promising efficacy and safety in the previous clinical trials and we believe that both compounds can be a new therapeutic option as a combination therapy for patients with BRAF-mutant melanoma, BRAF-mutant colorectal cancer and beyond.”
Binimetinib and encorafenib are investigational medicines and are not currently approved in any country.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. Seven Array invented drugs are currently advancing in registration trials: binimetinib (MEK162), encorafenib (LGX818), selumetinib (partnered with AstraZeneca), danoprevir (partnered with Roche), larotrectinib (partnered with Loxo Oncology), tucatinib (partnered with Cascadian Therapeutics) and ipatasertib (partnered with Genentech). In November 2015, Array entered into a binimetinib and encorafenib agreement with Pierre Fabre, including a global development partnership under which future development costs are shared 60:40 (Array:Pierre Fabre). As part of the agreement, Array retained exclusive commercial rights to the US, Canada , Japan , South Korea and Israel , while Pierre Fabre gained exclusive commercial rights to all other countries, including Europe.
About Ono Pharmaceutical Co., Ltd.
Ono Pharmaceutical Co., Ltd., headquartered in
Osaka, Japan , is an R&D-oriented pharmaceutical company committed to creating innovative medicines in specific areas. It focuses especially on the diabetes and oncology areas. For more information, please visit the company’s website at
http://www.ono.co.jp/eng/index.html.
SOURCE: Ono Phrmaceutical Co
Post Views: 23
– Ono will receive rights to develop and commercialize binimetinib and encorafenib in Japan and South Korea, strengthening its growing oncology portfolio –
– Array to receive $31.6 million up-front payment and up to $156.0 million in additional development and commercial milestones, as well as robust double-digit royalties on future sales –
BOULDER, CO, USA and OSAKA, Japan I May 31, 2017I Array BioPharma Inc. (Nasdaq: ARRY) and Ono Pharmaceutical Co., Ltd. (“Ono”) today announced a license, development and commercialization partnership for Array’s late-stage novel oncology compounds, binimetinib and encorafenib. As a result of this agreement, Ono will receive rights to develop and commercialize binimetinib and encorafenib in Japan and South Korea . Binimetinib, a MEK inhibitor, and encorafenib, a BRAF inhibitor, are currently in two global Phase 3 trials, for the treatment of patients with BRAF-mutant melanoma (COLUMBUS) and BRAF-mutant colorectal cancer (BEACON CRC).
Under the terms of the agreement, Array will receive an upfront payment of $31.6 million (¥3.5 billion) and retains exclusive commercialization rights for binimetinib and encorafenib in the United States , Canada and Israel. Array is entitled to receive up to an additional $156 million (¥17.3 billion) if certain development and commercial milestones are achieved. A portion of these milestones is related to the Phase 3 BEACON CRC trial. In addition, Array will be eligible for robust, tiered, double-digit royalties based on product sales in Japan and South Korea. Ono will obtain the right to conduct clinical trials of binimetinib and encorafenib in Japan and South Korea , as well as participate in all future global development of binimetinib and encorafenib by contributing 12% of those future costs.
“In Ono, we selected a market leader in immuno-oncology with a rapidly growing product portfolio and recent track record of successful development and commercialization in Japan ,” said Ron Squarer, Chief Executive Officer, Array BioPharma. “This partnership allows us to remain focused on commercializing binimetinib and encorafenib in the US, while benefiting from Ono’s clear expertise in these key markets.”
“We are very delighted to collaborate on binimetinib and encorafenib with Array, a leading company with proven and successful experience in research and development of molecularly targeted therapy,” said Gyo Sagara, President, Representative Director and Chief Executive Officer, Ono. “These two compounds have shown promising efficacy and safety in the previous clinical trials and we believe that both compounds can be a new therapeutic option as a combination therapy for patients with BRAF-mutant melanoma, BRAF-mutant colorectal cancer and beyond.”
Binimetinib and encorafenib are investigational medicines and are not currently approved in any country.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. Seven Array invented drugs are currently advancing in registration trials: binimetinib (MEK162), encorafenib (LGX818), selumetinib (partnered with AstraZeneca), danoprevir (partnered with Roche), larotrectinib (partnered with Loxo Oncology), tucatinib (partnered with Cascadian Therapeutics) and ipatasertib (partnered with Genentech). In November 2015, Array entered into a binimetinib and encorafenib agreement with Pierre Fabre, including a global development partnership under which future development costs are shared 60:40 (Array:Pierre Fabre). As part of the agreement, Array retained exclusive commercial rights to the US, Canada , Japan , South Korea and Israel , while Pierre Fabre gained exclusive commercial rights to all other countries, including Europe.
About Ono Pharmaceutical Co., Ltd.
Ono Pharmaceutical Co., Ltd., headquartered in
Osaka, Japan , is an R&D-oriented pharmaceutical company committed to creating innovative medicines in specific areas. It focuses especially on the diabetes and oncology areas. For more information, please visit the company’s website at
http://www.ono.co.jp/eng/index.html.
SOURCE: Ono Phrmaceutical Co
Post Views: 23
