U.S. Markets open in 27 mins.

Bind and Amgen in $180M cancer drug research deal

NEW YORK (AP) -- Drug developer Bind Biosciences said Tuesday that it will study potential cancer treatments with biotechnology company Amgen Inc. as part of a deal that could be worth more than $180 million.

Bind is conducting preclinical and early-stage trials of drugs it calls Accurins. The drugs are designed to selectively build up in diseased tissues and cells, reducing the damage to healthy cells. The Cambridge, Mass., company said Amgen will make a $46.5 million upfront payment, and it could receive another $134 million in regulatory and sales milestone payments. Bind will also receive royalties on the sales of any approved products.

The companies will study treatments for solid tumors. Bind and Amgen will work together in preclinical testing of the drugs, and Amgen will be responsible for testing on humans and the regulatory process.

Bind Biosciences has one product in early-stage clinical testing. That drug is called Bind-014, and it is an Accurin that also contains the chemotherapy drug docetaxel. The drug is designed to attach itself to a protein that is expressed in some cancer cells and new blood vessels that feed tumors.

Amgen, based in Thousand Oaks, Calif., is the world's largest biotechnology company. Shares of Amgen slipped 55 cents to $87.98 in morning trading.