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You need to do some research before you make so bold a statement as saying big pharmas rarely cut deals before Phase 2 trials are complete.

A big pharma pre-clinical deal

Infinity and Novartis form global oncology alliance
7th March 2006
By Staff Writer

Infinity Pharmaceuticals and Novartis have entered into a global strategic alliance to discover, develop and commercialize drugs targeting Bcl-2 protein family members for the treatment of a broad range of cancer indications.

Members of the Bcl-2 family of proteins have long been known to facilitate cancer cell survival. Nevertheless, it has proven difficult to disrupt their function using traditional small molecule drug approaches. The focus of Infinity and Novartis' collaboration combines Infinity's expertise in innovative, small molecule chemistries and mechanisms of cancer cell survival with Novartis' leadership in cancer drug discovery and development in order to bring important therapies to patients worldwide.

Under the terms of the agreement, Infinity will receive $30 million in upfront license fees, an equity investment and committed research funding over the first two years of the relationship. Along with success-based milestones, total payments to Infinity could exceed $400 million.

In addition, Infinity will receive royalties upon successful commercialization of products developed in the alliance. In further support of the company, Novartis will invest in an Infinity public offering, should it occur within two years.