- The market's down day notwithstanding, Celgene (CELG -2.8%) retreats on light volume on the heels of its revised immuno-oncology collaboration with Sutro.
- The partnership is focused on four programs, including an antibody-drug conjugate targeting B-cell maturation antigen (BCMA). Under the original 2014 agreement, Celgene had global rights to the first program to reach IND status.
- Under the revised agreement, it can acquire global rights to the second program to reach IND status by making unspecified payments to Sutro. For the next two programs, Sutro will retain exclusive U.S. rights while Celgene will retain exclusive ex-U.S. rights. Upon signing the revised deal, Sutro will receive an undisclosed payment and will continue to be entitled to development- and regulatory-based milestones and royalties.
- Celgene has the right to purchase shares of Sutro stock in a future private financing and the right to purchase shares in a private placement concurrent with a Sutro IPO.
- Previously: Celgene ups its ante with Sutro (Oct. 23, 2014)
- Now read: Pair Trade Big Pharma - One Real Deal, One Pretender? Celgene Vs. Lilly
Original article