BOTHELL, Wash. Teva Pharmaceutical Industries and OncoGenex Pharmaceuticals will work together to develop and commercialize an investigational drug for cancer, the two drug makers announced Monday.
The drug, OGX-011, will undergo three phase 3 clinical trials starting in 2010 as a treatment to prevent the body from resisting cancer therapy and enhance the effectiveness of chemotherapy. Teva will pay OncoGenex $60 million upfront, and OncoGenex may receive up to $370 million in milestone payments, in addition to royalties. Teva will cover development and commercialization expenses, while OncoGenex will be able to co-promote the drug in the United States and Canada.
Teva said the agreement with Bothell, Wash.-based OncoGenex would strengthen its pipelines of branded drugs and cancer treatments.
“We see OGX-011 as a key component of our branded oncology medicines franchise, expanding our pipeline of existing oncology therapeutics and broadening the future available therapies made by Teva for oncology patients and care providers,” Teva Group VP global branded products Moshe Manor said in a statement. “OGX-011 is supported by compelling data demonstrating the drug’s ability to benefit patients on top of several currently available chemotherapies in a number of oncology indications.”