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news.Swiss drugmaker Novartis AG has signed a deal thought to be worth over $520 million with British biotech Astex Therapeutics for the development and commercialization of two novel cancer drugs.
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Under the agreement, Novartis has obtained worldwide licensing rights to investigational agent AT9311, an Astex cell cycle inhibitor that is currently completing preclinical studies. Novartis also has an option for a global license to a parenteral cell cycle inhibitor, AT7519, currently in phase I clinical trials.
Novartis will make an initial payment of $25 million and will provide further funding to cover research, registration, royalties, and fees related to exercising the option on AT7519, that could total as much as $520 million. Astex will maintain responsibility for completing the preclinical development of the compounds and seeking registration with appropriate health authorities.
In addition, the two companies have agreed to establish a new drug discovery alliance focused on the identification of novel inhibitors of other cell-cycle control enzymes. In the US, Astex will have the option to co-market oncology products developed through the alliance.
Novartis’s president of oncology, David Epstein, said of the drug: “AT9311 represents a potential best-in-class compound that will compliment our already broad and deep oncology pipeline.”