TG Thera in up to $250 million deal with Rhizen

US development stage company TG Therapeutics (GTX:OTC B) has entered into an exclusive global agreement with privately-held Swiss firm Rhizen Pharmaceuticals to collaborate on the development and commercialization of Rhizen's lead product candidate, a novel PI3K delta inhibitor, TGR-1202 (previously referred to as RP5264).

The companies will jointly develop the product on a worldwide basis, excluding India, initially focusing on indications in the area of hematologic malignancies and autoimmune disease. Beyond TGR-1202, Rhizen would contribute backup molecules providing multiple opportunities for TG to develop differentiated therapies against hematologic cancers and autoimmune diseases.

TG Therapeutics will make up-front licensing payments and milestones based on early clinical development, and will be responsible for the costs of clinical development of the products through Phase II, after which TG Therapeutics and Rhizen will be jointly responsible for all development costs of the product.