Array, Novartis in cancer deal

Array BioPharma Inc. (NASDAQ:ARRY) granted Novartis AG (NYSE:NVS; SIX:NOVN) exclusive, worldwide rights to co-develop and commercialize MEK inhibitors. The deal includes ARRY-162 and ARRY-300, both of which are in Phase I testing for cancer. Array will receive $45 million, comprising an upfront and a milestone payment, and is eligible for an additional $422 million in milestones, plus double-digit royalties. Array also will pay a percentage of development costs and have an option to co-detail approved products in the U.S. ...