Array BioPharma inks deal with Biogen Idec on autoimmune disorders

US biotech firms Array BioPharma (Nasdaq: ARRY) and Biogen Idec (Nasdaq: BIIB) have entered into a collaboration for the discovery and development of inhibitors targeting a novel kinase for the treatment of autoimmune disorders.

Under the terms of the accord, Biogen and Array will collaborate on the discovery of the novel kinase inhibitors. Biogen will be responsible for all aspects of clinical development and commercialization. The agreement includes research funding for three years, various milestone payments payable upon achievement of certain development and commercial milestones, and royalties to Array. Further financial terms were not disclosed. Nevertheless, Array’s shares rose 6.2% to $4.36 on the news.

Will use Array’s Kinase-Directed Phenotypic Screening Platform