PIramed inks $230M deal with Genentech

The UK's PIramed Limited has signed a deal to collaborate with Genentech on a new class of cancer drugs. The drugs target PI 3-kinase, a key intracellular enzyme involved in a broad range of cancers. PIramed gains an unspecified upfront payment and a schedule of milestone payments that leads up to $230 million. PIramed will undertake the preclinical work, while Genentech will take responsibility for clinical research. PIramed is backed by JP Morgan Partners and Merlin Biosciences. "We believe this alliance with Genentech is one of the largest preclinical collaborations ever signed by a UK biotechnology company and is an important deal for PIramed," said PIramed CEO Dr. Michael Moore.

- read this press release for more information