ARRY acquires rights to NVS' BRAF inhibitor
Array Announces Agreement To Acquire ENCORAFENIB (LGX818)
- Array to receive global rights from Novartis to innovative BRAF inhibitor - - Novartis to conduct and/or substantially fund ongoing clinical studies, including COLUMBUS - - Agreement subject to Novartis-GSK transaction close - - Conference call to discuss transaction on January 23, 2015 at 9:00 am Eastern Time -
BOULDER, Colo., Jan. 23, 2015 /PRNewswire/ -- Array BioPharma Inc. (NASDAQ: ARRY) today announced that it has reached a definitive agreement with Novartis Pharma AG to acquire worldwide rights to encorafenib (LGX818), a BRAF inhibitor currently in Phase 3 development. This agreement is conditional on the closing of transactions announced by Novartis and GlaxoSmithKline PLC (GSK) on April 22, 2014, which are expected to close in the first half of 2015, and the agreement remains subject to the receipt of regulatory approvals. Array previously announced a definitive agreement with Novartis to regain global rights to the Phase 3 MEK inhibitor binimetinib, the material terms of which remain in place following this agreement. In order to address competition concerns raised by the European Commission, Array has agreed to obtain an experienced partner for global development and European commercialization of both binimetinib and encorafenib. The European Commission is expected to issue a decision regarding the Novartis-GSK transaction on January 28, 2015.
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