Teva in-licenses OncoGenex's OGX-011
OncoGenex Pharmaceuticals Inc. (NASDAQ:OGXI) granted Teva Pharmaceutical Industries Ltd. (NASDAQ:TEVA) exclusive, worldwide rights to develop and commercialize OGX-011. The second-generation antisense inhibitor of clusterin mRNA is expected to start Phase III testing next year for metastatic castrate-resistant prostate cancer and in 2011 for non-small cell lung cancer (NSCLC).
OncoGenex will receive $60 million up front, including a $10 million equity investment from Teva. OncoGenex, which retains an option to co-promote in the U.S. and Canada, is also eligible for up to $370 million in milestones, plus tiered royalties. Isis Pharmaceuticals Inc. (NASDAQ:ISIS), which had initially co-developed the compound with OncoGenex before the companies' 2001 deal was amended in 2008, will receive $10 million from OncoGenex's deal with Teva. Isis also is eligible for a portion of milestones from the deal, as well as single-digit royalties. ...