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news.CombinatoRx and Angiotech Pharmaceuticals have entered into a multi-year research and license agreement for the discovery, development, and potential commercialization of drug devices and interventional medicine products.
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The parties anticipate the collaboration will initially focus on vascular, orthopedic and general surgery indications.
Under the terms of the agreement, Angiotech will make an upfront license execution payment of $27 million to CombinatoRx plus a $15 million equity investment in CombinatoRx.
The initial consideration entitles Angiotech to license up to ten CombinatoRx compounds for the Angiotech field, and Angiotech may license up to five more compounds for an additional payment of $2 million per compound.
CombinatoRx is eligible to receive development and regulatory milestone payments of up to $30 million for each product selected by Angiotech for development, in addition to royalties on cumulative commercial sales of such products.
The agreement unites CombinatoRx’s experience in the systematic discovery of potential combination drugs with Angiotech’s expertise in drug-device combinations and local interventional medicines.