Medivation Exercises License Option for Pidilizumab

SAN FRANCISCO, CA and YAVNE, ISRAEL-- Medivation, Inc. (NASDAQ: MDVN) today announced that it has exercised its option under the terms of the license agreement announced on October 23, 2014, for pidilizumab (CT-011), an immune modulatory anti-PD-1 monoclonal antibody from CureTech, Ltd. Under the license agreement, Medivation will be responsible for all development, regulatory and commercialization activities for pidilizumab for all indications, including oncology. 

The agreement includes a guaranty with respect to certain obligations of CureTech by Clal Biotechnology Industries Ltd. (CBI), CureTech's largest (53%) shareholder. The guaranty has been approved by CBI shareholders. Under the terms of the license agreement, CureTech will receive an upfront payment of $5.0 million from Medivation and would also be entitled to payments upon the attainment of certain development and regulatory milestones totaling up to $85 million. In addition, CureTech would be eligible to receive sales-based milestone payments totaling up to $245 million upon the achievement of certain annual worldwide net sales thresholds and tiered royalties ranging from 5%-11% based on annual worldwide net sales. 

About pidilizumab

Pidilizumab is a humanized monoclonal antibody which belongs to a class of anticancer therapies that target the immune system. Cancer cells evade destruction by suppressing immune T lymphocytes through activation of the PD-1 (programmed death-1) pathway. Pidilizumab binds the PD-1 protein on T lymphocytes and facilitates the T cells' ability to target and destroy cancer cells.

About Medivation

Medivation, Inc. is a biopharmaceutical company focused on the rapid development of medically innovative therapies to treat serious diseases for which there are limited treatment options. Medivation aims to transform the treatment of these diseases and offer hope to critically ill patients and their families. For more information, please visit us at www.medivation.com.

About CureTech, Ltd.

CureTech, Ltd. is a biotechnology company developing novel, immune modulating products for the treatment and control of cancer. CureTech is privately held with offices and laboratories located in Yavne, Israel.