Novacea gets $60M as part of Asentar license accord with Schering-Plough
US drug major Schering-Plough has licensed the exclusive worldwide development and commercialization rights to South San Francisco-based biotechnology firm Novacea's Asentar (DN-101), which the firm is currently evaluating in the ASCENT-2 trial, a large international Phase III study involving 900 patients with androgen-independent prostate cancer (AIPC).
Under the terms of the deal, Novacea will receive an upfront payment of $60.0 million, including $35.0 million as reimbursement for past R&D expenditure, a license fee of $25.0 million, as well as a commitment by S-P to purchase $12.0 million of Novacea common stock at a predetermined price within 10 days of closing.
Additionally, the agreement provides Novacea with potential pre-commercial milestone payments of up to $380.0 million, and tiered royalties on global sales of the novel, proprietary, high-dose oral formulation of calcitriol, which is a potent hormone that exerts its effects through the vitamin D receptor.
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