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BTG has granted the worldwide commercialization and development rights of BGC 945, a novel anticancer compound, to Onyx (NASDAQ:ONXX) in exchange for a potential $320M.

BGC 945 is a novel compound that inhibits thymidylate synthase ((TS)), an enzyme involved in cell growth and division. However, unlike traditional TS inhibitors, BGC 945 enters tumour cells via the alpha-folate receptor, which is over-expressed in certain tumour types, including ovarian, lung, endometrial and mesothelioma cells, but has a restricted expression profile in normal tissues.

Terms
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Upfront: $13M
Milestones: $72M up to approval and $235M for approval and commercial successes in addition to royalties.
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BTG has progressed BGC 945 into late-stage preclinical development in collaboration with The Institute of Cancer Research (ICR) where the compound was discovered. BTG will share approximately 10% of the upfront and milestone revenues it receives relating to BGC 945 with ICR plus a pass-through royalty.

Source: Onyx's $320M Bet on BTG's Anticancer Compound