Miles/Onyx link on cancer drug R&D

05 September 1994 00:00  [Source: ICB]

BAYER SUBSIDIARY Miles has signed an agreement in the US with Onyx Pharmaceuticals to cooperate on research to find new drugs that inhibit cancerous genes and curb cancerous tumour growth.

Miles will fund the programme for five years, including $25m in research funding at Onyx and all preclinical development costs.

In return, Miles will have worldwide rights for the clinical development and marketing of products.

Outside Japan, Onyx retains the opportunity to pay up to half the clinical development costs in return for up to half the profits. Miles will also make a $13.5m minority equity investment in Onyx.

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