BOULDER, Colo. and THOUSAND OAKS, Calif., Dec. 14 /PRNewswire-FirstCall/ -- Array BioPharma Inc. (Nasdaq: ARRY) and Amgen Inc.(Nasdaq: AMGN) today announced that they entered into an agreement granting Amgen exclusive worldwide rights to Array's small-molecule glucokinase activator program, including ARRY-403, currently being tested in a Phase 1 clinical trial in patients with Type 2 diabetes.
Under the terms of the agreement, Array will receive an upfront payment of $60 million and additional contingent payments for certain clinical and commercial milestones. Array is responsible for completing the Phase 1 trial for ARRY-403. Amgen is responsible for future clinical development and commercialization for ARRY-403 and any resulting back-up compounds, with Array having an option to co-promote in the United States. Array will receive double digit royalties on sales of ARRY-403. In addition, Amgen will fund an agreed upon number of full time Array employees as part of a two-year research collaboration intended to identify and advance second-generation glucokinase activators.
"Type 2 diabetes affects over 20 million Americans and its incidence is increasing at an alarming rate," said Roger M. Perlmutter, M.D., Ph.D., Amgen's executive vice president of Research and Development. "We are pleased to be collaborating with Array BioPharma in this arena, and are excited about the potential of this glucokinase activator. Type 2 diabetes has long been an important focus of research for Amgen, and the addition of ARRY-403 clearly strengthens our diabetes pipeline."
"The glucokinase activator ARRY-403 is a member of a new class of drugs targeting Type 2 diabetes, and we're delighted to partne
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