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news.Array BioPharma has signed a deal with Novartis International Pharmaceutical to regain worldwide rights for binimetinib, a MEK inhibitor in three Phase 3 trials.
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Novartis had been granted exclusive license in 2010, to develop and commercialize binimetinib.
Designed specifically for cancer patients, the binimetinib is currently advancing in three Phase 3 clinical trials. Array intends to submit a proposal to regulatory authorities in the early 2016.
Under the latest deal, Array is entitled to receive around $85m and Novartis will provide transitional regulatory, clinical development and manufacturing services.
Novartis will also issue Array with patent and other property rights associated with the binimetinib.
Array BioPharma CEO Ron Squarer said: "Regaining full worldwide rights to binimetinib, an innovative late-stage oncology product, represents a tremendous opportunity for Array."
"With this agreement, we are in a strong position to successfully develop and commercialize binimetinib to the benefit of cancer patients," Squarer added.
Clinical trials, including the COLUMBUS, NEMO and MILO, involving binimetinib will have no impact with the arrangement and will continue as usual.
On Completion of the deal, Novartis will retain binimetinib supply for all clinical and commercial segments for around 30 months.
The transaction is subject to the completion of Novartis acquisition of oncology unit of Britain’s GlaxoSmithKline (GSK).