Genentech has agreed to pay CGI Pharmaceuticals $25 million up front and up to $500 million in milestones for the rights to collaborate on the development and commercialization of therapeutics for an unidentified target for the treatment of multiple cancer and autoimmune indications. No other financial details were disclosed. Genentech gained exclusive rights outside of the U.S. and the European Union.
"CGI has committed itself to developing a highly novel approach in a very important area of biology," stated Michael Varney, Genentech vice president, small molecule drug discovery. "This collaboration supports Genentech's goal of aggressively pursuing novel and innovative therapies, small or large molecules, to important oncology or autoimmune diseases."
- see the release on the deal