Roche's Genentech in preclinical cancer program deal with FORMA Therapeutics

Cambridge, Massachusetts, USA-based small-molecule therapeutics developer FORMA Therapeutics has entered into an agreement granting Genentech, Swiss drug major Roche’s (ROG: SIX) US biotech subsidiary, exclusive worldwide rights to acquire a preclinical small-molecule program against a single undisclosed cancer target. Financial terms were not revealed.

Under the terms of the deal, the parties will enter into a research collaboration, following which Genentech will be responsible for all development activities and will have the option to acquire the entire program from FORMA at a defined future phase of development. FORMA will receive an undisclosed upfront payment, and research funding, and is eligible to receive milestone payments on the successful achievement of certain development milestones. If Genentech subsequently acquires the program, FORMA will receive a significant buy-out payment and will be eligible for additional milestones if certain sales thresholds are met.

James Sabry, vice president of Genentech Partnering, said: "Genentech is very pleased to enter into this structurally innovative agreement with FORMA. The program represents a promising addition to our portfolio and we are hopeful it has the potential to make a meaningful difference in the lives of cancer patients."