Upon closing of the transaction, Hana will pay Inex $11.5 million in an upfront payment, consisting of cash and Hana shares. Inex will receive an additional $30.5 million if development and regulatory milestones are achieved and will also receive royalties on product sales.
Hana will be responsible for all future development of the three products including all future expenses. Inex will support Hana in the near term to transfer knowledge and expertise and to ensure the products can be advanced as quickly as possible and will also be reimbursed for this support.
The two companies expect to close the transaction in the second quarter of 2006 after the completion of legal agreements. The three products in question are known as Marqibo, INX-0125, and INX-0076.
“Marqibo has demonstrated promising activity in patients with non-Hodgkin’s lymphoma and acute lymphoblastic leukemia in completed and ongoing studies,” said Dr Mark Ahn, president and CEO of Hana.