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news.Genentech is to pay privately owned UK biotechnology company PIramed up to approximately $230 million for rights to a new class of cancer drugs targeting the PI 3-kinase, a key intracellular enzyme involved in a broad range of cancers.
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Under the terms of the agreement, PIramed will receive an upfront payment and may receive milestone payments during development and on product approval up to a potential $230 million. PIramed will also receive research funding and will receive royalties on product sales in the event of commercialised products.
PIramed will conduct preclinical research along with Genentech, but Genentech will be solely responsible for clinical development, regulatory approvals, manufacturing and commercialisation.
As part of the collaboration, PIramed can opt to commercialise certain products in territories outside of the US on agreed terms.
“PI 3-kinase represents an important new therapeutic target in oncology and inhibitors have the potential to treat a range of common tumours affecting a large population of patients. Partnering the programme at this stage provides the resources necessary to maximise this therapeutic opportunity,” said Dr David Knowles, chief scientific officer of PIramed.