Taiho exercises option for AB928

Taiho Pharmaceutical Co. Ltd. (Tokyo, Japan) exercised an option to develop and commercialize AB928 from cancer company Arcus Biosciences Inc. (NYSE:RCUS) in Japan and other Asian territories, excluding China.

Arcus will receive an option exercise payment between $3-$15 million; the partners did not provide a specific figure. Arcus is eligible for clinical and regulatory milestones of $130 million and commercialization milestones of $145 million. Arcus is also eligible for royalties. Taiho gained the option, which includes rights to backup compounds, last year (see "Taiho Gets Option to Arcus' Candidate")...