Infinity amends PI3K-delta, gamma accord with Millennium

US drug discovery firm Infinity Pharmaceuticals (Nasdaq: INFI) says it has amended its development and license agreement with Millennium, the US oncology subsidiary of Japan’s largest drugmaker Takeda Pharmaceutical (TSE:4502) for Infinity’s phosphoinositide-3-kinase (PI3K) program.

Under the terms of the amended deal, Infinity continues to retain worldwide development and commercialization rights for its PI3K-delta, gamma program. In exchange for Infinity’s one-time payment of $15 million, Millennium waived its right to opt into a 50-50 US profit and loss-sharing arrangement and its right to participate in up to 30% of the detailing effort in the USA for any of Infinity’s PI3K inhibitors. In addition, Infinity paid Millennium the $5 million milestone for the August 2012 initiation of the Phase 2a trial of IPI-145 in patients with asthma.

For Infinity’s first two distinct PI3K product candidates, Millennium is entitled to receive up to $15 million in remaining success-based development milestones and up to $450 million in success-based approval and commercial milestones, as defined in the original agreement. For all of Infinity’s PI3K-delta and/or PI3K-gamma inhibitors covered under the agreement, Infinity is obligated to pay Millennium tiered royalties on worldwide net sales ranging from 7% to 11%, which are the same royalty levels as those specified under the original agreement.