Inotek Pharmaceutical will gain up to $625 million from Genentech for the development rights to Inotek's poly (ADP-ribose) polymerase (PARP). Inotek, based in Beverly, MA, wins $20 million up front and $405 million in scheduled milestones along the road toward a cancer therapy. Another $200 million in milestones is outlined for the successful development of PARP as a therapy for acute heart disease. PARP activates DNA repair enzymes that can help restore health. Genentech will also provide funding to utilize Inotek's small molecule chemistry expertise as part of a multi-year collaborative research program and will pay for all future clinical development costs of INO-1001 and subsequent PARP inhibitors in cancer.
"PARP inhibition represents an exciting field of biology and we are intrigued by the potential of this novel mechanism to address unmet medical needs in oncology and acute cardiovascular conditions," said Hal Barron, M.D., senior vice president, Development and chief medical officer for Genentech.
- read the AFX report [1] on the licensing deal
Links:
[1] http://www.forbes.com/markets/feeds/afx/2006/07/25/afx2902219.html