BTG plc ( BGC), the life sciences company, announces it has granted
worldwide rights to Onyx Pharmaceuticals, Inc. to develop and
commercialise BTG’s novel anticancer compound,
BGC 945.
Under the terms of the agreement, BTG will receive an upfront payment of
$13m and has the potential to receive development milestone payments of
up to $72m plus additional payments of up to $235m relating to product
approval and achievement of commercial milestones. BTG will also receive
a royalty on any future sales worldwide.
“Onyx has a strong track record in developing
and commercialising novel cancer therapeutics, as evidenced by their
success with Nexavar®,
and we see the company as an ideal partner to take BGC 945 forward,”
commented Louise Makin, BTG’s chief executive
officer. “This agreement is in line with our
strategy to realise value from our current pipeline as we focus new
investments on acquiring and developing later-stage products.”
BTG has progressed BGC 945 into late-stage preclinical development in
collaboration with The Institute of Cancer Research (ICR) where the
compound was discovered. BTG will share approximately 10% of the upfront
and milestone revenues it receives relating to BGC 945 with ICR plus a
pass-through royalty.
BGC 945 is a novel compound that inhibits thymidylate synthase (TS), an
enzyme involved in cell growth and division. However, unlike traditional
TS inhibitors, BGC 945 enters tumour cells via the alpha-folate
receptor, which is over-expressed in certain tumour types, including
ovarian, lung, endometrial and mesothelioma cells, but has a restricted
expression profile in normal tissues.
About BTG
BTG in-licenses, develops and commercialises pharmaceuticals and has a
broad pipeline of development programmes targeting neurological and
other disorders including varicose veins. The company also has a
substantial and growing revenue stream of milestone payments and
royalties from out-licensed products. BTG operates from offices in
London, Philadelphia and Osaka. For further information, visit: www.btgplc.com.
