BGC 945 Builds Upon a Proven Class of Drugs With Greater Tumor Selectivity
EMERYVILLE, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today announced that it has in-licensed a novel targeted oncology compound, BGC 945, from BTG International Limited based in the United Kingdom. Under the terms of the agreement, Onyx will obtain a worldwide license for BGC 945 and all of its related patents. Onyx will receive exclusive worldwide marketing rights and will be responsible for all product development and commercialization activities. BTG will receive a $13 million upfront payment, and payments of up to $72 million upon the attainment of certain global development and regulatory milestones, plus additional milestone payments upon the achievement of certain marketing approvals and commercial milestones. BTG will also receive royalties on future product sales.
"In-licensing a promising compound, such as BGC 945, with potential application in several large tumor markets strategically strengthens Onyx's pipeline and expands our portfolio as a growing biopharmaceutical company," said Tony Coles, M.D., president and chief executive officer of Onyx. "With proven success in developing and commercializing Nexavar as one of the leading targeted oncology therapies, we are well positioned to maximize BGC 945's full potential in a variety of tumors."
BGC 945 (ONX 0801) is designed to work by combining two proven
approaches to improving outcomes for cancer patients. These include
receptor-mediated targeting of tumor cells and inhibition of thymidylate
synthase, a key enzyme involved in cell growth and division. BGC 945 (ONX
0801) targets malignant cells that overexpress the alpha-folate receptor,
|SOURCE Onyx Pharmaceuticals, Inc.|
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