Array partners with Celgene, nets $40M upfront

Tiny Array BioPharma has lined itself up with Celgene in a deal that delivers $40 million in exchange for the marketing rights to two of Array's experimental therapies. But that wasn't a big enough figure to impress analysts, who were looking for a richer deal. Array's stock slipped this morning after the pact was announced.

The way this deal will work, Array and Celgene will identify four products that Array will take through Phase I or Phase IIa. Celgene then gets to gain worldwide marketing rights to two therapies, with Array retaining limited co-promotion rights in the U.S. The deal includes milestone payments of up to $200 million for each therapy and up to $300 million for commercial milestones.

- see this release on the deal

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