FORMA Therapeutics Grants Genentech Exclusive Rights to Acquire a Pre-clinical Cancer Program
News Jul 14, 2011
Under the terms of the agreement, the parties will enter into a research collaboration, following which, Genentech will be responsible for all development activities and will have the option to acquire the entire program from FORMA at a defined future phase of development. FORMA will receive an undisclosed upfront payment, research funding, and is eligible to receive milestone payments upon the successful achievement of certain development milestones. If Genentech subsequently acquires the program, FORMA will receive a significant buy-out payment and will be eligible for additional milestone payments if certain sales thresholds are met.
James Sabry, Vice President of Genentech Partnering, said "Genentech is very pleased to enter into this structurally innovative agreement with FORMA. The program represents a promising addition to our portfolio and we are hopeful it has the potential to make a meaningful difference in the lives of cancer patients."
“This agreement with Genentech is the culmination of exceptional hard work from our scientists which identified many exciting molecules and potential clinical candidates against this important target in less than 18 months,” said Ken Bair, Head of R&D of FORMA. “This agreement provides FORMA with significant near-term financial resources to accelerate the additional internal drug discovery programs ongoing at FORMA targeting essential cancer targets in the areas such as cancer metabolism and protein-protein interactions. The potential program buy-out payment and milestones could potentially yield an attractive return for FORMA’s investors.” added Steven Tregay, CEO of FORMA.