Array acquires worldwide rights to encorafenib from Novartis
Oncology specialist Array Biopharma (Nasdaq: ARRY) has reached an agreement with Swiss drug major Novartis (NOVN: VX) to acquire the worldwide rights to encorafenib (LGX818).
Encorafenib is a BRAF inhibitor currently in Phase III development. The agreement is conditional on the closing of transactions between Novartis and GlaxoSmithKline (LSE: GSK) last April, which are expected to close in the first half of 2015, and also on the receipt of regulatory approvals.
This comes after a definitive agreement in which Array will regain global rights from Novartis to the Phase III MEK inhibitor binimetinib. In order to fulfil competition requirements for the European Commission, Array has agreed to take on a partner for global development and European commercialization of binimetinib and encorafenib.
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