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August 4, 2014
16:15 EDTINFIInfinity Pharmaceuticals amends PI3K-Delta, Gamma agreement with Millenium
Infinity Pharmaceuticals announced that the company has purchased an option to buy out all future potential royalty payments due to Millennium: The Takeda Oncology Company for sales in oncology of IPI-145, Infinity’s oral inhibitor of phosphoinositide-3-kinase, or PI3K-delta and PI3K-gamma. In exchange for a one-time, upfront payment of $5.0M, Infinity receives an option to terminate its obligation to pay Millennium future royalties related to the sale of IPI-145 in oncology. Infinity may exercise this option by providing written notice and payment to Millennium of a one-time exercise fee of $52.5M on or before March 31, 2015. Exercise of the option does not affect any other obligation under the Development and License Agreement, including Infinity’s obligation to pay royalties on sales of IPI-145 outside of oncology. If Infinity does not exercise the option, its royalty obligations with respect to IPI-145 in oncology will remain in effect. Assuming exercise of the option, Infinity’s obligation to pay Millennium tiered royalties, ranging from 7%-11%, on worldwide net sales of Infinity’s first two distinct PI3K product candidates will exclude worldwide net sales of IPI-145 in oncology. Infinity will remain obligated to pay milestones to Millennium for Infinity’s first two distinct PI3K product candidates that gain approval, including IPI-145. The remaining milestones comprise up to a total of $220M in success-based regulatory milestones, up to a total of $230M in commercial milestones which are due once certain sales thresholds have been met, and up to a total of $5M in development milestones.
News For INFI From The Last 14 Days
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February 24, 2015
16:04 EDTINFIInfinity Pharmaceuticals reports Q4 EPS (83c), consensus (98c)
Reports Q4 revenue $4.36M, consensus $5.61M. Completion of patient enrollment in DYNAMO and DUO trials expected in 2015, topline data from DYNAMO is anticipated in the second half of 2015 and three new clinical studies of Duvelisib are expected to begin in 2015, the company said. At December 31, 2014, Infinity had total cash, cash equivalents and available-for-sale securities of $333.2M, compared to $214.5M at December 31, 2013.

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