Plexxikon Inc. has signed a $700 million alliance with pharmaceutical giant Roche centered on an early-stage cancer therapy believed to be the first of a new class of cancer drugs to move into the clinic.
Roche beat out nearly a dozen competitors vying for the deal and will pay an upfront fee of $40 million, a sum considered impressive for a compound just entering the clinic.
In addition to $6 million in research funding, the Berkeley-based biotech could earn up to an additional $660 million over the term of the collaboration in milestone payments and royalties.
Insider's view: Wonder if one of the unlucky suitors was AstraZeneca?
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