Pharma Industry
Industry: Email Alert RSS FeedVERTEX LICENSES VX-944 TO AVALON FOR CANCER TREATMENT.
Biotech Business, April, 2004
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) and Avalon Pharmaceuticals Incorporated have entered into a licensing agreement for the development of the investigational agent VX- 944 in oncology indications. Under the terms of the agreement, Avalon will hold exclusive rights to develop and commercialize VX-944 worldwide for the treatment of various cancers. Avalon, a privately held company with a therapeutic focus in cancer, will make up to $73 million in up-front license fees and milestone payments to Vertex based on the successful development and commercialization of VX-944 in oncology. Upon commercialization, Vertex will receive royalties on product sales. Vertex retains certain rights to co-promote VX-944 in U.S. and European markets.
VX-944, a small...
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