Metamark Genetics has entered into a research, collaboration, and license agreement with Janssen Biotech. The agreement is based on Metamark's discovery platform for the identification and characterization of specific proprietary cancer targets demonstrated to play a causal role in promoting tumor progression and spread. The collaboration will focus on the evaluation and validation of several of Metamark's Prognosis Determinants. Upon selection of the targets, Janssen Biotech will receive a limited exclusive license under Metamark's intellectual property and know-how and will thereafter be responsible for the discovery, development, and commercialization of therapeutic inhibitors targeting the specific Prognosis Determinants.
Metamark will receive an initial upfront payment from Janssen Biotech as well as near-term milestone payments following initial target validation. Under the terms of the agreement, Metamark may be eligible to receive up to $365 million in milestone payments across multiple targets, based upon the achievement of specified development, regulatory, and commercialization goals. In addition, Metamark will be entitled to royalties on worldwide net sales of therapeutics and any associated companion diagnostics upon commercialization.
"Our ultimate mission at Metamark Genetics is to improve cancer patient outcomes by empowering personalized treatment decisions. This collaboration advances our mission by enabling us to apply our unique understanding of tumor biology to direct the discovery and development of tumor-specific drugs and compounds," stated Metamark president and CEO, Mark R. Straley.