BERKELEY, Calif. (AP) -- Biotechnology company Xoma Ltd. said Tuesday it signed a development and licensing deal with Les Laboratoires Servier potentially worth more than $500 million for an anti-inflammatory drug candidate.
Xoma will receive $35 million upfront from the privately held French drug company for development of Xoma-052, which has potential as a treatment for multiple inflammatory conditions. Xoma is also eligible to receive up to $470 million in additional milestone payments, along with royalties.
Xoma will retain development and sales rights for Behcet's uveitis and other inflammatory and cancer indications in the U.S. and Japan. Servier receives similar rights in the rest of the world and will fund the first $50 million of Xoma-052 development expenses and 50 percent of further expenses for the Behcet's uveitis indication.
Behcet's uveitis is a condition involving inflammation of the eye. Xoma expects to move the drug candidate into late-stage testing in 2011.
Servier will fund development for diabetes and cardiovascular disease indications in exchange for worldwide rights, while Xoma retains an option to reacquire the development and sales rights to the diabetes and cardiovascular uses in the U.S. and Japan by paying an option fee and partial reimbursement of development expenses.
Xoma will receive $35 million upfront from the privately held French drug company for development of Xoma-052, which has potential as a treatment for multiple inflammatory conditions. Xoma is also eligible to receive up to $470 million in additional milestone payments, along with royalties.
Xoma will retain development and sales rights for Behcet's uveitis and other inflammatory and cancer indications in the U.S. and Japan. Servier receives similar rights in the rest of the world and will fund the first $50 million of Xoma-052 development expenses and 50 percent of further expenses for the Behcet's uveitis indication.
Behcet's uveitis is a condition involving inflammation of the eye. Xoma expects to move the drug candidate into late-stage testing in 2011.
Servier will fund development for diabetes and cardiovascular disease indications in exchange for worldwide rights, while Xoma retains an option to reacquire the development and sales rights to the diabetes and cardiovascular uses in the U.S. and Japan by paying an option fee and partial reimbursement of development expenses.
