Array getting millions in pact with Celgene
Last Updated: 17:24 July 29, 2013
Boulder-based Array (Nasdaq: ARRY) received an upfront payment of $11 million for a program in which company researchers focus on a novel inflammation pathway in the human body, according to a company press statement. Summit, New Jersey-based Celgene (Nasdaq: CELG) will have exclusive rights to license multiple drug candidates currently in clinical development, according to the press statement.
Array also will be entitled to receive royalties on net sales of all drugs in development in the collaboration, according to the press statement. The company retains all rights to its program if Celgene decides not to exercise its rights, the press statement said.
Array and Celgene have other collaborative agreements related to other drugs currently in development at Array, including a cancer drug. Array also has agreements with other biopharmaceutical companies to develop other drugs, including Amgen Inc. (Nasdaq: AMGN) in Thousand Oaks, California, with facilities in Boulder and Longmont; AstraZeneca plc (NYSE: AZN), based in London; Novartis International AG (NYSE: NVS) based in Basel, Switzerland; and Oncothyreon Inc. (Nasdaq: ONTY) in Seattle.
At the beginning of the month, Array said it expected $60 million in revenue and a net loss of 55 cents per share for its fiscal year ended June 30. Array ended the most recent quarter with $87 million in cash.
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