06 January 2003 11:40 [Source: ICIS news]
LONDON (CNI)--UK biopharmaceuticals group Antisoma announced Monday it is pocketing around $43m (Euro41.3m) in upfront payments following the successful completion of its exclusive collaboration deal with Swiss pharmaceuticals giant Roche.
The Roche payments include $37m for product rights plus £4.15m ($6.7m/Euro6.4m) for the purchase of 20.73m new Antisoma shares at 20 pence each. Roche will gain a 9.1% stake in Antisoma from the share purchase.
Under the terms of the deal, which was agreed in November, Roche will acquire rights to Pemtumomab, which is already in phase III development for ovarian cancer, and three other oncology compounds: Therex, TheraFab; and DMXAA, which are currently in phase I trials.
The Swiss group will also have rights to opt in to any pre-clinical programs that advance into clinical trials during a five-year period.
Completion of the deal, which is worth up to $500m including milestone and commercial payments, follows approval from US competition regulators and the return of the Pemtumomab rights from the previous licensee Abbott Laboratories of the US.
Antisoma chief executive officer Glyn Edwards said: "We start 2003 with around £40m cash and will spend this prudently over the coming years to advance our pipeline and maximise the value of our collaboration with Roche."
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