Astex and Janssen form $500M alliance

Cambridge, UK-based Astex Therapeutics and Janssen Pharmaceutica, the European arm of Johnson & Johnson, have formed a research alliance that could be worth $500.0 million to the former.

Under the terms of the agreement, Astex will grant Janssen a worldwide exclusive license to compounds arising from the UK firm's novel fibroblast growth factor receptor inhibitor oncology program, driven by its Pyramid drug discovery platform. In return, Astex will receive an upfront payment, equity investment and committed research funding worth $37.4 million, along with development and regulatory milestones, as well as tiered, double-digit royalties.

Janssen will be responsible for all development of the products arising from the partnership. Astex retains the option to co-commercialize them once this is complete.