ARIUS Research Signs Anti-Cancer Antibody Discovery Deal with Takeda
Three-Year Collaboration to look for Novel Cancer Treatments
ARIUS Research Inc. and Takeda Pharmaceutical Company Limited (Takeda) have entered into a three-year, multi-product collaboration using ARIUS' FunctionFIRST(TM) Platform to discover novel treatments for human disease.
Under the terms of the agreement, ARIUS will receive an upfront technology access fee of US$2.0 million, consisting of US$1.0 million each in cash and equity investment respectively, and research funding for the three years. ARIUS will also be entitled to milestone payments based on progress through clinical development plus royalties on net sales for any licensed product. Takeda will assume the responsibility and costs of development and commercialization while ARIUS will have an option to co-develop any product. Further financial terms were not disclosed.
Within thirty days of closing, ARIUS will complete a private placement with Takeda in which ARIUS will issue 614,737 common shares at a price of CDN$1.90 each, based on the prevailing exchange rate of US$1.00 = CDN$1.1680 on March 31, 2006, subject to applicable regulatory and Exchange approvals. Following completion of the private placement, ARIUS will have a total of 43,660,331 common shares issued and outstanding.
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