Mitotix, BASF Pharma deal

The companies entered into a five-year agreement to develop cancer drugs that target cdc25, a family of enzymes involved in regulation of the cell division cycle. The collaboration will combine Mitotix's cell cycle expertise, targets and assays for cdc25 with BASF's compound library, high throughput screening and structure-based drug discovery know-how.

Mitotix could receive up to $48 million in equity, research and milestone payments. BASF has exclusive rights to develop therapeutics that target human cdc25 in Europe and in the U.S., while Mitotix has certain options to co-promote products in the U.S. Mitotix will receive royalties. ...