Loxo Oncology and Array BioPharma announced a multi-year license and collaboration agreement for an Array-invented preclinical development candidate and related intellectual property. In addition, Loxo and Array will collaborate to discover and develop small molecule drugs for mutually agreed upon novel oncology targets. Under the terms of the agreement, Loxo will fund Array's preclinical research, providing access to Array's world-class discovery platform and scientists, and will be responsible for target selection and conducting clinical trials. Array is eligible to receive up to $434M in milestone payments and to receive royalties on sales of any resulting drugs. In further consideration of the rights granted to Loxo under the agreement, Array also received shares of stock in Loxo.