GlobeImmune will receive $40 million up front in a deal with Celgene that could be worth up to $500 million. The two companies have entered into a worldwide strategic collaboration for the discovery, development and commercialization of cancer therapies.
GlobeImmune has been developing Tarmogens--Targeted Molecular Immunogens--based on scientific research in-licensed from the University of Colorado. It boasts development programs in divergent areas like hep C and cancer, underscoring how broad a range its technology could have.
Celgene gains the exclusive option to all oncology programs, including GI-4000, which is currently in Phase II pancreatic cancer studies, as well as all of GlobeImmune's other oncology product candidates. GlobeImmune will be responsible for early product development through certain predefined endpoints. Celgene will have the option to license the drug candidates GlobeImmune produces. The company is eligible to receive over $500 million in development and regulatory milestones, double-digit royalties and additional milestone payments based on net sales of the licensed product candidates. The $40 million upfront payment from Celgene included an equity investment.
"The Tarmogen technology has the potential to address a number of highly-defined unmet medical needs," noted Celgene's Thomas Daniel, M.D., President of Research for Celgene. Added GlobeImmune Chief Timothy Rodell, "This partnership provides significant validation for GlobeImmune's work to date on the Tarmogen platform."
- take a look at GlobeImmune's release