Oncofusion Enters Into License Agreement with Medivation for Compounds Targeting Bromodomain Proteins
San Francisco, CA and Ann Arbor, MI – April 23, 2014 – Medivation, Inc. (Nasdaq: MDVN) and OncoFusion Therapeutics, Inc., today announced that they have entered into a research and license agreement for certain compounds targeting Bromodomain and Extra-Terminal (BET) proteins for potential use in oncology and other disease areas. Medivation will gain exclusive worldwide rights for the development and commercialization of these compounds. Under the terms of the agreement, Medivation shall have access to OncoFusion’s growing library of small molecule BET bromodomain inhibitor compounds from which Medivation may select compounds to move forward into drug development efforts.
OncoFusion is eligible to receive undisclosed upfront payments and potential future milestone payments subject to achievement of defined clinical and commercial milestone events. In addition, OncoFusion shall be eligible to receive royalties on the commercial sale of approved products as defined in the agreement. Further financial details were not disclosed.