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news.Array BioPharma has signed an agreement with Pierre Fabre on the development and commercialization of two cancer drugs, binimetinib and encorafenib.
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Binimetinib and encorafenib are currently in phase 3 trials to treat melanoma and ovarian cancer.
Array will receive an upfront payment of $30m and retain exclusive commercialization rights for the drugs in the US, Canada, Japan, Korea and Israel
Pierre Fabre will have exclusive rights to commercialize the drugs in all other countries, including Europe, Asia and Latin America.
Array will also receive up to $425m in additional development and commercialization milestones, and royalties on future sales.
Array BioPharma CEO Ron Squarer said: "With Phase 3 trials approaching data readouts, and over 30 additional Phase 1/2 trials underway, we are confident that binimetinib and encorafenib are well positioned for near-term regulatory submissions and significant commercial value."
Pierre Fabre Pharmaceuticals CEO Frederic Duchesne said: "Binimetinib and encorafenib will fit perfectly with our broad expertise in oncology and dermatology, and will strengthen our current portfolio and international presence."
Array expects to secure marketing approvals for the drugs in 2016. The company acquired binimetinib and encorafenib from Novartis.
Array and Pierre Fabre have agreed to split future development costs on a 60:40 basis with initial funding to be used for new clinical studies in colorectal cancer and melanoma.
Novartis will fund all the ongoing binimetinib and encorafenib clinical trials.