Array BioPharma, Celgene announce collaboration
Array BioPharma will collaborate with New Jersey-based biopharmaceutical company Celgene for an Array-invented preclinical development program targeting a novel inflammation pathway. Array will receive an up-front payment of $11 million and Celgene will have an exclusive option to license multiple clinical development candidates. Array is entitled to receive potential milestone payments of up to $376 million based upon achieving certain development, regulatory and sales objectives. Array is also entitled to receive royalties on net sales of all drugs and will retain all rights to the program if Celgene does not exercise its option.
"Given Celgene's global leadership and expertise in the development and commercialization of innovative therapies and Array's record of inventing and progressing targeted drugs into clinical trials, we believe this alliance will maximize the value of a very exciting and innovative program," said Kevin Koch, Ph.D., president and chief scientific officer, Array BioPharma.