Araxes debuts with Janssen cancer deal

Newco Araxes Pharma LLC (San Diego, Calif.) partnered with the Janssen Biotech Inc. subsidiary of Johnson & Johnson (NYSE:JNJ) to discover and develop therapeutics against an undisclosed target to treat cancer. Araxes, which is responsible for development through Phase I proof-of-concept, will receive an undisclosed upfront payment and R&D funding. The newco is also eligible for undisclosed milestones, plus tiered royalties. Janssen is responsible for further development and will have exclusive, worldwide rights to commercialize any products. ...