Array inks $434M licensing deal on cancer drug program

A New York-based biotech startup funded by Aisling Capital has stepped up to partner with Array BioPharma ($ARRY) on a preclinical cancer program. Loxo Oncology will fund the preclinical work before taking over responsibility for the clinical trials. And it is promising up to $434 million in back-ended milestones for a successful therapy, along with a royalty stream if it goes on to an approval. "We built Loxo Oncology around three ideas: informed target selection, professional chemistry and efficient clinical trial execution. Our collaboration with Array provides a world-class chemistry solution to the most exciting emerging targets. Our first program is making excellent progress and we expect to initiate human clinical trials in 2014," said Dr. Josh Bilenker, Loxo CEO and a partner in Aisling Capital. Release

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