The collaboration primarily relates to the discovery and development of inhibitors targeting a novel kinase for the treatment of autoimmune disorders.
The target and lead inhibitors were discovered through Array BioPharma's proprietary Kinase-Directed Phenotypic Screening Platform.
As per the terms of the agreement, Biogen will be responsible for all aspects of clinical development and commercialization, which includes research funding for three years, various milestone payments and royalties to Array BioPharma.
We note that Array BioPharma, a clinical stage biopharmaceutical company, primarily focuses on the discovery and development of targeted small molecule drugs to treat patients suffering from cancer.
The company currently has seven phase III studies underway or will begin later in 2014. Key candidates in the pipeline include filanesib (ARRY-520), selumetinib and binimetinib. Out of these, filanesib is currently in phase II and is being evaluated for multiple myeloma. Both selumetinib and binimetinib are in phase III and are funded by its collaboration partners.
Array BioPharma has been quite active in collaboration activities in recent times. We remind investors that Array BioPharma partnered with Celgene Corporation (CELG) to discover and develop drugs targeting a novel inflammation pathway.
Array BioPharma has received a total of $631.5 million in research funding as well as in upfront and milestone payments from its various collaboration partners since inception till Mar 31, 2014.
Currently, Array BioPharma carries a Zacks Rank #3 (Hold). Right now, Gilead Sciences (GILD) looks attractive with a Zacks Rank #1 (Strong Buy).