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news.Genentech has obtained global license from Afraxis to develop and commercialize compounds against an undisclosed novel target.
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Under the deal, Afraxis will earn around $187.5m in total as upfront, research, development and commercialization milestone payments.
Afraxis president and CEO and Avalon Ventures managing partner Jay Lichter said, "Avalon’s approach to investing in companies at the earliest stages and staying actively involved in company management is proving to be a successful strategy for life science investing."
Further financial details of the agreement were not revealed.