Biotech Values

[DewDiligence]

CELG, AZN ink collaboration for MEDI4736 in blood cancers:

http://finance.yahoo.com/news/celgene-corporation-enters-strategic-immuno-050400020.html

Under the terms of the agreement, Celgene will collaborate with AstraZeneca to develop the anti-PD-L1 antibody MEDI4736 in hematology and make an upfront payment of $450 million.

Celgene will lead clinical development across all new clinical trials within the collaboration and be responsible for all costs associated with these trials until December 31, 2016, after which it is responsible for 75% of these costs. Celgene will also be responsible for the global commercialization of approved MEDI4736 indications in hematology, and will receive royalty rates starting at 70 percent [!] of worldwide sales from all uses in hematology. Royalty rates will decrease gradually to 50 percent over a period of fours after the first date of commercial sales.