Astex Pharmaceuticals has earned a £3.5m payment after its partner Janssen Pharmaceutica NV was given clearance to begin the first phase of clinical trials for a new cancer drug.
As part of the collaboration Janssen is responsible for the clinical and regulatory development of the FGFR kinase inhibitor and further on for its global commercialisation.
This windfall could be the first of many for Astex, as it is eligible to receive further payments as the drug is developed and on royalties once the product is on the market.
President of Astex Harren Jhoti said: “This milestone underscores how effective collaborations between leading research institutions, biotech companies and pharmaceutical partners can be in delivering new drugs to patients.”
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