Medivation, Inc. (MDVN - Analyst Report) entered into a research and license agreement with OncoFusion Therapeutics, Inc.
The agreement pertains to certain compounds targeting Bromodomain and Extra-Terminal (BET) proteins for potential use in oncology and other disease areas.
As per the agreement, Medivation has exclusive worldwide rights for the development and commercialization of these compounds.
Medivation can also access OncoFusion’s library of small molecule BET bromodomain inhibitor compounds and thereafter select compounds for further development.
In exchange, OncoFusion will receive upfront payments along with potential milestone payments. The financial terms of the agreement were not disclosed. OncoFusion is also entitled to royalties on the commercial sale of approved products as defined in the agreement.
Medivation intends to expand its footprint in cancer treatment by developing improved next generation therapies.
We remind investors that Medivation's Xtandi was approved by the U.S. Food and Drug Administration (FDA) for the treatment of post-chemotherapy metastatic castration-resistant prostate cancer in 2012.
Meanwhile, Medivation and partner Astellas Pharma Inc. are looking to get the label for Xtandi expanded into the chemo-naïve patient population. In Mar 2014, both the companies filed a supplemental New Drug Application (sNDA) seeking FDA approval for Xtandi for the treatment of men with metastatic castration-resistant prostate cancer (mCRPC) who have not received chemotherapy.
The sNDA was based on data from the phase III PREVAIL study. Results from this study were pretty impressive with Xtandi reducing the risk of death by 29% compared to placebo.
Medivation is a Zacks Rank #3 (Hold) stock. Some better-ranked stocks in the biotech sector include companies like Peregrine Pharmaceuticals, Inc. (PPHM - Snapshot Report) and Vertex Pharmaceuticals Inc. (VRTX - Analyst Report) . Both carrying a Zacks Rank #1 (Strong Buy).
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