BOULDER, Colo.--(BUSINESS WIRE)--May. 14, 2012--
Array BioPharma Inc. (NASDAQ: ARRY) announced today that the strategic
alliance between Array and Genentech, a member of the Roche Group (SIX:
RO, ROG; OTCQX: RHHBY), has been honored with the Breakthrough Alliance
Award of 2012. The award, sponsored by Deloitte Recap, was presented at
the Allicense 2012 Conference in San Francisco. Annually, the Allicense
Conference nominates five biotech-pharmaceutical alliances as the
breakthrough deals of the previous year. The award is bestowed upon the
alliance that receives the most votes by biotech and pharmaceutical
business development and licensing executives.
"Our business strategy maximizes the value of our scientific innovations
through strategic alliances, such as our alliance with Genentech,” said
David Snitman, Ph.D., Chief Operating Officer and Vice President,
Business Development, Array BioPharma. “I believe this alliance was
distinguished due to its innovative deal structure, which truly aligns
both parties to do what is in the best interest of science and patients.
Array will receive the same economic terms for the development and
commercialization of either company’s ChK-1 inhibitor, creating a real
win-win for both companies. We are pleased to have received this
recognition from our peers in the biotechnology and pharmaceutical
industry.”
About the Array / Genentech Strategic Alliance
In August 2011, Array entered into an oncology agreement with Genentech
for the development of each company’s small-molecule Checkpoint kinase 1
(ChK-1) program. The programs include Genentech’s compound GDC-0425
(RG7602), currently in Phase 1, and Array’s compound ARRY-575, which
recently entered Phase 1. Under the terms of the agreement, Genentech is
responsible for all clinical development and commercialization
activities. Array received an upfront payment of $28 million and is
eligible to receive clinical and commercial milestone payments up to
$685 million and up to double-digit royalties on sales of any resulting
drugs.
About Array BioPharma
Array BioPharma Inc. is a biopharmaceutical company focused on the
discovery, development and commercialization of targeted small-molecule
drugs to treat patients afflicted with cancer and inflammatory diseases.
Array has four core proprietary clinical programs: ARRY-614 for
myelodysplastic syndromes, ARRY-520 for multiple myeloma, ARRY-797 for
pain and ARRY-502 for asthma. In addition, Array has 10 partner-funded
clinical programs including two MEK inhibitors in Phase 2: selumetinib
with AstraZeneca and MEK162 with Novartis. For more formation on Array,
please go to www.arraybiopharma.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements about the timing of the announcement of the results
of clinical trials for our proprietary and our partnered programs, the
time of the completion or initiation of further development of our
partnered programs, our potential to earn future milestone and royalty
payments under our collaboration agreements, expectations that events
will occur that will result in greater value for the Company, the
potential for the results of ongoing preclinical and clinical trials to
support regulatory approval or the marketing success of a drug
candidate, our ability to partner our proprietary drug candidates for
up-front fees, milestone and/or royalty payments, our future plans to
progress and develop our proprietary programs and the plans of our
collaborators to progress and develop programs we have licensed to them.
These statements involve significant risks and uncertainties, including
those discussed in our most recent annual report filed on Form 10-K, in
our quarterly reports filed on Form 10-Q, and in other reports filed by
Array with the Securities and Exchange Commission. Because these
statements reflect our current expectations concerning future events,
our actual results could differ materially from those anticipated in
these forward-looking statements as a result of many factors. These
factors include, but are not limited to, our ability to continue to fund
and successfully progress internal research and development efforts and
to create effective, commercially viable drugs; risks associated with
our dependence on our collaborators for the clinical development and
commercialization of our out-licensed drug candidates; the ability of
our collaborators and of Array BioPharma Inc. to meet objectives tied to
milestones and royalties; our ability to effectively and timely conduct
clinical trials in light of increasing costs and difficulties in
locating appropriate trial sites and in enrolling patients who meet the
criteria for certain clinical trials; risks associated with our
dependence on third-party service providers to successfully conduct
clinical trials within and outside the United States; our ability to
achieve and maintain profitability and maintain sufficient cash
resources; the extent to which the pharmaceutical and biotechnology
industries are willing to in-license drug candidates for their product
pipelines and to collaborate with and fund third parties on their drug
discovery activities; our ability to out-license our proprietary
candidates on favorable terms; and our ability to attract and retain
experienced scientists and management. We are providing this information
as of May 14, 2012. We undertake no duty to update any forward-looking
statements to reflect the occurrence of events or circumstances after
the date of such statements or of anticipated or unanticipated events
that alter any assumptions underlying such statements.
Source: Array BioPharma Inc.
Array BioPharma Inc.
Tricia Haugeto, 303-386-1193
thaugeto@arraybiopharma.com
