BioCentury
ARTICLE | Company News

Loxo debuts with Array cancer deal

July 11, 2013 12:02 AM UTC

Array BioPharma Inc. (NASDAQ:ARRY) granted newco Loxo Oncology Inc. (New York, N.Y.) exclusive, worldwide rights to develop and commercialize undisclosed cancer candidates and related IP targeting an undisclosed oncogenic activating mutation. Loxo will fund preclinical research conducted by Array and will be responsible for clinical development and commercialization. Loxo said the lead candidate is slated to enter the clinic in mid-2014. The companies also will discover and develop small molecules for mutually agreed upon cancer targets. Array received an undisclosed equity stake in Loxo and is eligible for up to $434 million in milestones, plus royalties.

Loxo CEO Josh Bilenker launched the newco in May with $30 million from Aisling Capital to focus on the development of therapies around genetically defined cancers. Bilenker is a partner at Aisling. ...