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Array BioPharma Announces Drug Discovery Deal With Takeda Chemical Industries, Ltd
BOULDER, Colo., Sept. 20 /PRNewswire/ -- Array BioPharma Inc. (Nasdaq: ARRY) today announced the commencement of a drug discovery agreement with Takeda Chemical Industries, Ltd. to create a series of small molecule drug leads against a proprietary Takeda target.
"We look forward to a successful collaboration with Array BioPharma," said Yasuhiro Sumino, Ph.D., General Manager, Takeda Chemical Industries. "We selected Array for this project based on the caliber of their scientists, the breadth of their drug discovery platform and their track record of success."
Takeda will pay fees to Array based on the number of Array scientists working on the research phase of the agreement. Array will be entitled to receive success payments based on reaching certain development milestones and royalties based upon the sales of products resulting from the collaboration. Other terms were not announced.
"We are delighted to have the opportunity to work with the internationally recognized pharmaceutical company, Takeda," said Kevin Koch, President and Chief Scientific Officer, Array BioPharma. "We view Takeda's decision to partner with Array as validation of our business model of providing an experienced, high-quality drug discovery capability to accelerate the research efforts of our collaborators."
Array BioPharma is a drug discovery company creating new drugs through the integration of chemistry, structural biology and chemoinformatics. We collaborate with leading pharmaceutical and biotechnology companies to identify novel small molecule drugs and are leveraging our discovery platform to develop our own pipeline of proprietary drug candidates. The Array scientific team has a proven track record of success in identifying promising drug candidates. For more information on Array BioPharma, please visit the company's web site at www.arraybiopharma.com.
Takeda is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical company in Japan and one of the leaders in the world, Takeda is committed to making a difference in people's lives by creating innovative and effective ways to alleviate disease and promote good health. For more information on Takeda Chemical Industries, please visit the company's web site at www.takeda.com.
For more information, please contact Tricia Haugeto of Array BioPharma Inc., +1-303-386-1193, firstname.lastname@example.org.
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SOURCE Array BioPharma Inc.
CONTACT: Tricia Haugeto of Array BioPharma Inc., +1-303-386-1193, email@example.com/