Array BioPharma has announced the second extension and expansion of its collaboration with Genentech, Inc. for the discovery of targeted small molecule drugs for the treatment of cancer.
Under the terms of this expanded agreement, Genentech may provide approximately $50 million in research funding to access Array's Drug Discovery Platform over the next three years.
Array will be entitled to receive milestone payments based on the selection and progression of clinical drug candidates, as well as royalties on net sales of any products that may result from the collaboration.
Genentech will have the sole responsibility for clinical development and commercialization of any resulting products.
Genentech and Array entered into research collaboration in January 2004 to advance two of Array's oncology programs into clinical development.
In April 2005, the agreement was expanded to include an additional protein target in the field of oncology.
Under the terms of the amended agreement Array will receive further consideration based on the expanded scope and term of the agreement.
“We believe our collaboration with Genentech further validates Array's leadership position in cancer research,” said Robert E. Conway, Chief Executive Officer, Array BioPharma.
“This collaboration leverages Array's proprietary small molecule drug discovery expertise with Genentech's cancer expertise, with the goal of creating products to address one of the world's largest unmet medical needs and market opportunities.”