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October 23, 2014
17:13 EDTMDVNMedivation licenses clinical stage anti-PD-1 modulatory monoclonal antibody
Medivation announced Medivation has licensed exclusive worldwide rights to CureTech's late-stage clinical molecule pidilizumab, an immune modulatory anti-PD-1 monoclonal antibody. Under the license agreement, Medivation will be responsible for all development, regulatory and commercialization activities for pidilizumab for all indications, including oncology. Under the terms of the license agreement, and depending on whether the guaranty from CBI is obtained, CureTech would receive an upfront payment of up to $5M from Medivation and would also be entitled to payments upon the attainment of certain development and regulatory milestones totaling $85M. In addition, CureTech would be eligible to receive sales based milestone payments totaling up to $245M, upon the achievement of certain annual worldwide net sales thresholds, and tiered royalties ranging from 4%-11% based on annual worldwide net sales.

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