BTG in up to $307M cancer dealwith Onyx

UK-based life sciences company BTG says it has granted worldwide rights to Onyx Pharmaceuticals of the USA to develop and commercialize its novel anti-cancer compound, BGC 945.

Under the terms of the agreement, BTG will receive an upfront payment of $13.0 million and has the potential to receive development milestone payments of up to $72.0 million plus an additional amount of up to $235.0 million relating to product approval and achievement of commercial milestones, for a potential total of $320.0 million. BTG will also receive an undisclosed royalty on any future sales of the product worldwide.

"Onyx has a strong track record in developing and commercializing novel cancer therapeutics, as evidenced by their success with Nexavar (sorafenib), and we see the company as an ideal partner to take BGC 945 forward," commented Louise Makin, BTG's chief executive. "This agreement is in line with our strategy to realize value from our current pipeline as we focus new investments on acquiring and developing later-stage products," she said.