Ambit sells rights for FLT3 Kinase inhibitors to Japan's Astellas for up to $390 million

Leading Japanese drugmaker Astellas Pharma has entered into a worldwide agreement to jointly develop and commercialize FLT3 kinase inhibitors in oncology and non-oncology indications developed by USA-based privately held firm Ambit Biosciences, in a deal that could generate as much as $390 million for the latter.

Specifically, under the terms of thedeal, Ambit will receive an up-front cash payment of $40 million and will be eligible to receive pre-commercialization payments of up to $350 million. The companies will share equally in the responsibilities and expenses for the development of AC220 and any additional products in the USS and Europe, while Astellas will have sole responsibility to fund development in all other territories.

This partnership includes AC220, Ambit's lead clinical-stage investigational drug that entered into a Phase II clinical trial earlier this month in relapsed/refractory acute myeloid leukemia (AML), and other undisclosed FLT3 kinase inhibitors. AC220 is a novel, orally-available, potent and highly selective small molecule that was specifically designed as a second generation FMS-like tyrosine kinase-3 (FLT3) inhibitor using Ambit's proprietary drug discovery engine, KINOMEscan.