CombinatoRx, ANP drug-device deal
CombinatoRx (Boston, Mass.) granted Angiotech (TSE:ANP; ANPI) an option to evaluate and exclusively license compounds for use in medical device and local interventional applications. CombinatoRx is discovering and developing combinations of approved drugs to treat immuno-inflammatory diseases and cancer. ANP may select up to 10 compounds from CombinatoRx's preclinical and clinical pipeline and its Chalice database of drug combinations. The deal will initially focus on vascular, orthopedic and general surgery indications. Also, CombinatoRx will use its combination high-throughput screening (cHTS) technology to identify novel drug combinations for use in ANP's areas of focus. Resulting IP will be jointly owned.
CombinatoRx will receive $27 million up front and a $15 million equity investment from ANP. ANP may select an additional five compounds for upfront payments of $2 million per compound. For each compound ANP licenses, CombinatoRx is eligible for up to $30 million in milestones, plus royalties. ...