Aurigene, Curis deal

The partners amended a 2015 deal granting Curis options to license exclusive, worldwide rights outside of India and Russia to small molecule cancer compounds. Curis subsequently exercised its options to license two preclinical small molecule programs. Under the amended deal, Aurigene will forgo up to $24.5 million in milestone and other payments in exchange for 10.2 million shares of Curis stock at $2.40 per share, or $24.5 million. The share price represents a 36% premium to Curis’ close of $1.76 on Sept. 6, the day before the deal amendment. After the issuance, Aurigene owns about a 19.6% stake in Curis. ...