Date: 2012-07-06
Type of information: Commercialisation agreement
Compound: Rencarex®
Company: Wilex (Germany) Prometheus (USA)
Therapeutic area: Cancer - Oncology
Type agreement: commercialisation
Action mechanism: Rencarex® is based on the antibody girentuximab, which binds to the tumour-specific antigen CA IX – an antigen that is overexpressed in clear cell renal cell carcinomas. The therapeutic antibody makes the tumour visible to the endogenous immune system, recruiting natural killer cells which can destroy any existing cancer cells. Rencarex® should inhibit the further growth and recurrence of clear cell renal cell carcinomas a particularly aggressive type of cancer and kill cancer cells, thereby prolonging the disease-free survival of patients.
Disease:
Details: * On April 29, 2011, Wilex has announced the granting of US commercialisation rights for Rencarex® (girentuximab) to Prometheus Laboratories Inc.
Financial terms: In return, Wilex will receive $39 million, $19 million upon signing and either $20 million after twelve months or alternatively the European commercial rights for an undisclosed product from Prometheus. In addition WILEX will receive milestone payments and royalties on US net sales of Rencarex®. Furthermore Prometheus will co-fund a portion of the ongoing development of Rencarex®. This potentially values the deal at over $145 million plus royalties on net sales in the United States.
Latest news: * On July 6, 2012, the Executive Management Board of Wilex has resolved with the approval of the Supervisory Board to opt for a further cash payment according to the licence agreement with Prometheus Laboratories for the out-licensing of the marketing rights to Rencarex® (girentuximab) in the United States. Wilex and Prometheus agreed on an immediate payment of $ 17.5 million. Additionally, the milestone payment due upon regulatory submission of Rencarex® increases by $ 2.5 million and substitutes a later milestone for the same amount.
The parties mutually terminated the negotiations for the commercial rights to an undisclosed product in Europe. However, it was agreed that Prometheus will make an introduction between Wilex and the owner of the product rights at Wilex’ request.
Under the terms of the licence agreement with Prometheus, Wilex received $ 19 million in May 2011 upon signing. In addition, Wilex had the option either to be paid $ 15.0 million six months or $ 20.0 million twelve months after contract signing, or to be granted the commercial rights to an undisclosed product in Europe. Furthermore, Wilex
is entitled to milestone payments and royalties on net sales of Rencarex® in the USA, and Prometheus will continue to co-fund the development of Rencarex®.
.
