Medivation agreed to acquire global rights to BioMarin Pharmaceutical's experimental cancer drug talazoparib under a deal potentially worth up to $570 million, the companies reported Monday. The oral PARP inhibitor, previously known as BMN 673, is currently in a Phase III study for the treatment of patients with deleterious germline BRCA 1 or 2 mutations and locally advanced or metastatic breast cancer.
As part of the deal, Medivation will pay BioMarin $410 million upfront, with a further $160 million tied to regulatory and sales-based milestones, as well as mid-single digit royalties. After the close of the transaction, which is expected to occur this year, Medivation will assume all responsibility for the development and commercialisation of talazoparib for all indications on a global basis.
"Acquiring all worldwide rights to talazoparib provides Medivation with a transformational opportunity to diversify and expand our proprietary portfolio and global oncology franchise," commented Medivation CEO David Hung. The executive added "talazoparib's potential to act alone or augment the effects of a wide array of tumour DNA-damaging oncology therapies and its high potency and level of activity in various cancers make talazoparib a great strategic fit for Medivation's oncology portfolio."
Meanwhile, BioMarin chief medical officer Hank Fuchs remarked that the agreement "allows us to optimise our portfolio and focus our resources on established areas of expertise – developing novel products to treat rare and ultra-rare genetic diseases." The company's treatments for rare diseases include the Duchenne muscular disease therapy drisapersen, for which a marketing application has been submitted to the FDA and European Medicines Agency for the treatment of patients with Duchenne muscular dystrophy, as well as the experimental drug vosoritide, for which the drugmaker reported positive mid-stage study results in children with achondroplasia in June.
For further analysis, see ViewPoints: Medivation deal further affirms resurrection of PARP inhibitor class.
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