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news.Novartis has paid $10m to Array BioPharma as clinical research milestone under an collaboration for the worldwide development of the small-molecule MEK inhibitors MEK162 (ARRY-162), its back-up, ARRY-300, and other MEK inhibitors.
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The milestone payment was triggered from the first patient enrollment in an open-label Phase 2 study to evaluate the safety and efficacy of MEK162 in patients with malignant cutaneous melanoma, harboring BRAFV600E or NRAS mutations.
As per the terms of the agreement, Novartis has paid initial payments of $45m to Array.
After payment of the $10m milestone, Array is entitled to get an additional $412m if certain clinical, regulatory and commercial milestones are achieved.
Under the agreement both the parties are jointly developing in one or more specific indications and funding a portion of development costs.