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Oncothyreon secures exclusive license to HER2 inhibitor

  • Array bioPharma (ARRY +0.8%) grants Oncothyreon (ONTY +5.3%) an exclusive license to develop, manufacture and commercialize the HER2 inhibitor ONT-380 (ARRY-380). The license replaces the co-development contract between the two firms.
  • Under the terms of the license agreement, ONTY will pay ARRY a $20M upfront fee, a significant portion of any payments received from sublicensing the rights to ONT-380 and up to double-digit royalties on net sales. If ONTY is acquired within three years of the effective date of the agreement, ARRY will be eligible to receive up to $280M in commercial milestones.
  • ONT-380 is an orally active, reversible and selective HER2 inhibitor invented at ARRY. In preclinical tumor models, it demonstrated dose-related tumor growth inhibition superior to Herceptin (trastuzumab) and Tykerb (lapatinib). ONTY is currently conducting two Phase 1b trials evaluating ONT-380 in combination with other agents.

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