03.10.2016 08:23:28
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AstraZeneca Licenses Global Rights Of MEDI2070 To Allergan For $250 Mln
(RTTNews) - British biopharmaceutical company AstraZeneca plc. (AZN, AZN.L) announced Monday that MedImmune, its global biologics research and development arm, has entered into a licensing agreement with Allergan plc (AGN) for the global rights to MEDI2070. Under the deal terms, Allergan will make an upfront payment to AstraZeneca of $250 million for the exclusive, worldwide licence to develop and commercialise MEDI2070.
In addition, Allergan may make potential additional payments to AstraZeneca of up to $1.27 billion. This depends on the achievement of agreed upon success-based development and sales-related milestones, and pay tiered royalties on potential sales of the medicine.
MEDI2070 is an IL-23 monoclonal antibody currently in a Phase IIb clinical trial for moderate-to-severe Crohn's disease and is ready for Phase II for ulcerative colitis . These diseases are outside AstraZeneca's three main therapy areas - Respiratory, Cardiovascular & Metabolic Diseases, and Oncology.
The company said MedImmune will continue the ongoing Phase II trials until a mutually-agreed transition date.
AstraZeneca noted that MedImmune has been leading the clinical development for MEDI2070 under a collaboration agreement AstraZeneca entered into with Amgen Inc. (AMGN) in March 2012. Under the conditions of this agreement, AstraZeneca will subsequently pay Amgen one third of all payments and royalties received from Allergan. Amgen will also receive a single-digit percentage inventor royalty on MEDI2070.
The transaction is expected to close in the fourth quarter of 2016, subject to customary closing conditions, including the expiration or early termination of the waiting period under the Hart Scott Rodino Act.
AstraZeneca is expected to retain around $167 million of the upfront payment and up to around $847 million in future potential milestones, as well as the tiered royalty payments of up to low double-digit percent, following payment to Amgen under the provisions of the original agreement.
As AstraZeneca will not retain a significant ongoing interest in MEDI2070, any revenue will be reported as Other Operating Income in the Company's financial statements. The agreement does not impact AstraZeneca's financial guidance for 2016.
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Aktien in diesem Artikel
Amgen Inc. | 273,90 | 0,37% | |
AstraZeneca PLC (spons. ADRs) | 68,00 | 0,74% |