Exelixis (NASDAQ:EXEL) inks an exclusive collaboration, option and license agreement with Dr. Reddy’s Laboratories (NYSE:RDY) subsidiary Aurigene Discovery Technologies Limited under which it will have the option to in-license up to six programs in oncology and inflammatory diseases.
Under the terms of the deal, EXEL will pay $10M upfront for exclusive options to license three pre-existing Aurigene programs. The parties will initiate three new Aurigen-led drug discovery programs on mutually agreed-upon targets for option payments of $2.5M per program. EXEL will contribute research funding on all six and will have the opportunity to exercise its exclusive option for each program up until the time of IND acceptance (regulatory sign-off to start clinical studies). If EXEL exercises an option, it will pay Aurigene the option fee and will take over clinical development, commercialization and global manufacturing. Aurigene will also be eligible for milestones and royalties on net sales while retaining development and commercialization rights in India and Russia.
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