Millennium In-Licenses Novel Oncology Program from Xenova
CAMBRIDGE, Mass., and SLOUGH, U.K., December 17, 2001 - Millennium Pharmaceuticals, Inc. and Xenova Group, plc announced that the companies have signed a license agreement for the development and North American commercialization of Xenova?s novel compounds, which have a unique mechanism of action including dual inhibition of topoisomerases I and II, for the treatment of solid tumors in cancer. The program includes three molecules; XR11576, XR5944, and XR11612. XR11576 is an oral agent that has entered Phase I clinical development with the first patients screened for study entry. The two additional compounds are in preclinical development.
Under the terms of the agreement, Millennium will acquire development and exclusive marketing rights to the topoisomerase program in North America in exchange for an upfront payment of US$11.5m (£7.8m) as well as future milestone payments and royalties following the achievement of specific development and sales goals. Xenova retains commercialization rights for all products arising from this topoisomerase collaboration outside the United States, Canada and Mexico, including marketing in Europe and the rest of the world. Xenova will retain responsibility for performing development activities associated with the program, which will be funded by Millennium commencing in 2003, to the end of Phase II clinical trials. Thereafter, Millennium will assume responsibility for subsequent development activities in North America and Xenova will retain development activity responsibility for the rest of the world. Additionally, Millennium has the right to market in North America any improvements or additional products based on the same topoisomerase inhibitor technology, in which case Xenova will receive further milestones and royalties on the sales of such products. Additional terms of the agreement were not disclosed.
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