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news.Onyx Pharmaceuticals, a biopharmaceutical company, has in-licensed a novel targeted oncology compound, BGC 945, from BTG International, a life sciences company based in the UK.
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Under the terms of the agreement, Onyx will obtain a worldwide license for BGC 945 and all of its related patents. Onyx will receive exclusive worldwide marketing rights and will be responsible for all product development and commercialization activities.
BTG will receive a $13 million upfront payment, and payments of up to $72 million upon the attainment of certain global development and regulatory milestones, plus additional milestone payments upon the achievement of certain marketing approvals and commercial milestones. BTG will also receive royalties on future product sales.
Tony Coles, president and CEO of Onyx, said: “In-licensing a promising compound, such as BGC 945, with potential application in several large tumor markets strategically strengthens Onyx’s pipeline and expands our portfolio as a growing biopharmaceutical company.”