Array BioPharma and Pierre Fabre have announced a collaboration to globally develop and commercialise Array's late-stage novel oncology products, binimetinib and encorafenib
Array BioPharma and Pierre Fabre team up for oncology products
Binimetinib, a MEK inhibitor and encorafenib, a BRAF inhibitor, are currently advancing in three, global phase three trials for melanoma and ovarian cancer.
Under the terms of the agreement Array will receive an upfront payment of £20 million ($30m) and retain exclusive commercialisation rights for binimetinib and encorafenib in the United States, Canada, Japan, Korea and Israel.
Pierre Fabre will have exclusive rights to commercialise both products in all other countries including Europe, Asia and Latin America.
Array is also entitled to receive up to £284 million ($425m) if certain development and commercialisation milestones are achieved and is eligible for tiered double-digit royalties.
Array and Pierre Fabre have agreed to split future development costs on a 60:40 basis (Array:Pierre Fabre) with initial funding committed for new clinical trials in colorectal cancer and melanoma.
All ongoing binimetinib and encorafenib clinical trials remain substantially funded through completion by Novartis.
Ron Squarer, chief executive officer, Array BioPharma, said: "In Pierre Fabre we selected a partner with a European and emerging market focus in oncology to develop and commercialise binimetinib and encorafenib in these geographies.
"With phase three trials approaching data readouts and over 30 additional phase 1/2 trials underway we are confident that binimetinib and encorafenib are well positioned for near-term regulatory submissions and significant commercial value."
Frederic Duchesne, chief executive officer, Pierre Fabre Pharmaceuticals, said: "Pierre Fabre is strongly committed to develop and commercialise oncology products. Binimetinib and encorafenib will fit perfectly with our broad expertise.”
The agreement remains subject to European Commission on Competition review and approval.