As per the agreement, Novartis received an upfront fee and will receive royalties on net sales of Proleukin in the US. Novartis is also eligible to receive potential sales milestone payments. Prometheus will have the option to extend the initial six-year term on an annual basis for up to an additional six years.
In addition, the companies will have an option to amend the agreement to include the rest of the world, upon the completion of certain conditions.
Joseph Limber, president and chief executive officer of Prometheus, said: “This represents a transformational event for Prometheus as we continue to build our oncology presence and execute on our integrated therapeutics and diagnostics business model. We have established ourselves as a leader in the gastroenterology market by offering a complementary portfolio of pharmaceutical and diagnostic products promoted via Prometheus’ highly trained sales force.
“Now, following the recent launch of our three ProOncDx microRNA-based diagnostic tests and the continued development of our emerging and proprietary diagnostics platform, we are well positioned to repeat this success in the oncology market.”