Array BioPharma launches spinoff to develop drugs for rare diseases

30 December 2017

US biotech firm Array BioPharma (Nasdaq: ARRY) has launched a new subsidiary to develop drugs using its ARRY-797 drug program, according to a filing with the US Securities and Exchange Commission (SEC).

Array BioPharma contributed certain rights and assets related to its ARRY-797 drug program, including all patents, patent applications and other intellectual property rights, pre-clinical and clinical data, regulatory submissions, inventory, contracts, equipment and books and records related to its ARRY-797 drug program to Yarra Therapeutics, a Delaware limited liability company and wholly-owned subsidiary of Array.

Yarra - which is “Array” spelled backwards - was formed to develop drugs for rare diseases. The ARRY-797 drug is in Phase II trials for patients with cardiomyopathy, a rare, degenerative cardiovascular disease.

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