AnGes inks $100M licensing deal with Vical

Japan's AnGes has agreed to pay up to $100 million in research funding and milestone fees in a licensing deal for Vical's Allovectin-7 cancer therapy. In exchange for the marketing rights in several Asian countries, AnGes will provide more than $22 million in cash and equity payments, including an initial $6.9 million equity payment. Vical will conduct the Phase III trial for Allovectin-7 in the U.S. and has begun recruitment for the study at the ASCO meeting this week in Atlanta.

"We established a mutually beneficial relationship last year with AnGes in the angiogenesis field," said Vijay Samant, president and CEO of Vical," and we believe the Allovectin-7 agreement expands our opportunities for success."

- here's the release on the licensing deal