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Clavis Pharma and Clovis Oncology Extend Partnership and Sign new $205 Million Deal

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Clavis Pharma ASA, the Norwegian cancer drug discovery and development company, and Clovis Oncology, Inc., have announced a new agreement for the further development and commercialization of CP-4126 (also known as CO-101), which is currently in Phase II development in pancreatic cancer.

CP-4126 is a novel, patented, lipid-conjugated form of the anti-cancer drug gemcitabine that has the potential to improve treatment outcomes in a large subset of patients with pancreatic cancer and certain other solid tumours.

Under the terms of the new agreement, Clavis Pharma will receive an upfront cash payment of $10 million from Clovis Oncology for the expansion of the agreement to include global rights and will be eligible to receive further payments totalling $30 million for the successful attainment of development and regulatory milestones in Asia and up to $165 million in sales milestones. This is in addition to the upfront and milestone payments already agreed to in the original license agreement. Clavis Pharma will receive tiered double-digit royalties on all product sales globally.

This new deal expands the existing agreement between Clavis Pharma and Clovis Oncology for the development and commercialization of CP-4126 in the Americas and Europe, which was signed in November 2009 (up to $380 million in milestone payments plus royalties on sales).

As in the previous agreement, in collaboration with Clavis Pharma, Clovis Oncology will be responsible for the clinical development and registration filings in Asia and the rest of the world. Clavis Pharma will continue to fund some development activities.

Clovis Oncology will now be responsible for the commercialization of CP-4126 globally, while Clavis Pharma retains an option to co-promote in Europe.