ARTICLE | Finance

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Wilex has choice: cash or European product in deal with Prometheus for Rencarex

May 9, 2011 7:00 AM UTC

Investors in Wilex AG (Xetra:WL6) liked last week's deal with Prometheus Laboratories Inc., which allows the German biotech the opportunity to forgo more cash for chance to acquire a product to market in Europe.

On their face, the terms aren't remarkable. Wilex will receive $19 million up front, plus milestones and royalties in exchange for granting Prometheus exclusive U.S. rights to commercialize Rencarex girentuximab, which is initially being developed for clear cell renal cell cancer (ccRCC)...