Erasca Inc (NASDAQ: ERAS) has entered into an exclusive worldwide license agreement with Novartis AG (NYSE: NVS) for naporafenib, a Phase 2 pivotal-ready pan-RAF inhibitor for NRAS mutant (NRASm) melanoma and other RAS/MAPK pathway-driven tumors.
To date, naporafenib has been dosed in over 500 patients across multiple trials and has demonstrated preliminary clinical proof-of-concept and favorable safety and tolerability, Erasca says.
Erasca will pay Novartis a one-time upfront cash payment of $20 million and $80 million in Erasca shares at $6.50 per share.
Novartis is eligible to receive up to $80 million in cash upon achieving regulatory milestones covering two indications in the U.S., Europe, and Japan and up to $200 million in cash upon achieving sales milestones.
Novartis is also eligible to receive a low single-digit percentage royalty on net sales of naporafenib.
As separately announced, Erasca has priced a $100 million equity offering with 15.38 million shares at $6.50/share.
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