Ignyta acquires exclusive rights to Lilly's taladegib oncology program
US oncology-focused biotech firm Ignyta (Nasdaq: RXDX) says it has acquired exclusive worldwide rights relating to pharma major Eli Lilly’s (NYSE: LLY) taladegib oncology development program in exchange for an upfront payment of $2.0 million in cash and the issuance to Lilly of around 1.2 million shares of Ignyta’s common stock.
Taladegib is a potent, orally bioavailable small-molecule hedgehog/smoothened antagonist that has achieved clinical proof-of-concept and a recommended Phase II dose based on results from prior clinical studies. Ignyta also licensed exclusive worldwide rights to the topical formulation of taladegib, which is a late preclinical program being developed for the potential treatment of patients with superficial and nodular basal cell carcinoma.
Concurrent $30 million equity investment in Ignyta by Lilly
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