OncoGenex regains rights to custirsen from Teva

27 April 2015

Canadian drugmaker OncoGenex Pharmaceuticals (Nasdaq: OGXI) has executed a termination agreement with Israel-based Teva Pharmaceutical Industries (NYSE: TEVA) under which OncoGenex will regain rights to custirsen, an investigational compound currently in Phase III clinical development as a treatment for prostate and lung cancers.

This transfer of rights occurs in connection with the termination of the 2009 collaboration between OncoGenex and Teva. That agreement gave Teva rights to custirsen in return for agreeing to pay OncoGenex up to $430 million - $60 million in upfront, equity investment and development-cost payments; the rest in payments tied to regulatory and sales milestones.

The companies announced their intention to discontinue the custirsen collaboration last year (The Pharma Letter December 31, 2014). A year ago, Teva and OncoGenex released data from a Phase III study of custirsen which showed no statistically-significant improvement in overall survival in prostate cancer (TPL April 29, 2014).

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