AMRI licenses tubulin inhibitor cancer program to Chai Thera

USA-based Albany Molecular Research (Nasdaq: AMRI) has signed an exclusive license agreement with Chai Therapeutics, an affiliate of privately-held Bessor Pharma, for the development of ALB 109564(a), AMRI's novel tubulin inhibitor compound in late Phase I testing for the treatment of cancer.

This agreement follows the exercise of an option to license the intellectual property, which was granted in March 2012 by AMRI to Bessor Pharma, a translational drug development company.

Under the terms of the deal, AMRI received an undisclosed license fee and reimbursement for certain costs associated with the intellectual property related to ALB 109564(a). Further financial terms were not revealed. Chai Therapeutics received an exclusive license to the ALB 109564(a) intellectual property, and will be solely responsible for all related R&D and patent costs going forward; AMRI will receive a share of future consideration from the further development and sales, if any, of any ALB 109564(a)-related drug that may be developed, licensed and/or commercialized.