Rafael Agrees with Ono to Accelerate Development of Cancer Drug Candidate

Rafael Pharmaceuticals, Inc. (“Rafael” or the “Company”), a leader in the growing field of cancer metabolism-based therapeutics, announced today that it has entered into an out-licensing agreement with Ono Pharmaceutical Co., Ltd. (“Ono”), a pharmaceutical company committed to creating innovative medicines. The exclusive license agreement is for the development and commercialization of CPI-613® (devimistat), Rafael’s first-in-class clinical lead compound, which targets cancer metabolism enzymes, as well as its other related compounds.

Under the terms of the agreement, Rafael will receive a one-time upfront payment of approximately $12.9 million USD and up to an additional approximately $150.3 million USD if certain development and commercial milestones are achieved. Rafael will also receive low-double digit royalties based on net sales of the Products in Japan, South Korea, Taiwan and ASEAN (Association of Southeast Asian Nations) countries. ONO will have exclusive rights to develop and commercialize the Products for all indications in ONO’s territory. Rafael continuously retains all exclusive rights to develop and commercialize the Products outside of ONO’s territory.

https://www.globenewswire.com/news-release/2019/06/25/1873742/0/en/Rafael-Pharmaceuticals-Enters-into-Out-Licensing-Agreement-with-Ono-Pharmaceutical-to-Accelerate-Clinical-Development-and-Commercialization-of-Cancer-Drug-Candidate-CPI-613-devimis.html