Human Genome Buys Rights to Cancer Drug for $50
{{#rendered}} {{/rendered}}Human Genome Sciences Inc said it will develop and commercialize a privately held biotech firm's drug for multiple cancers in the United States, Canada and European markets.
Under the deal, FivePrime Therapeutics Inc will get an upfront license payment of $50 million and will be eligible to receive up to $445 million in milestone payments, along with double-digit percentage royalty payments on net sales.
FivePrime will retain minority co-promotion rights in the United States and full development and commercialization rights in the rest of world, including Asia, the companies said in a statement.
{{#rendered}} {{/rendered}}The drug, FP-1039, targets multiple fibroblast growth factor ligands. It is currently in mid-stage trials for a form of endometrial cancer.
The company's shares closed at $27.41 on Wednesday on Nasdaq.