Araxes Pharma has entered into an exclusive agreement with Janssen Biotech to develop first-in-class therapeutics against a certain target for the treatment of cancer. The drug candidates include a PI3Kdelta/gamma inhibitor, a TORC1/2 inhibitor and a PI3Kalpha inhibitor.
Araxes will advance its program through Phase I to clinical proof-of-concept. Janssen Biotech will then have sole responsibility for the continued development and worldwide commercialization of products arising under the agreement. Araxes will receive an upfront payment and R&D funding and is eligible to receive milestone payments and royalties on worldwide sales, but financial terms were not disclosed.
"We are delighted to work with Janssen on a very exciting approach for the treatment of patients with cancer," said Troy Wilson, president and chief executive officer of Araxes Pharma. "Their sophisticated outlook and capabilities for development of molecularly-targeted therapeutics will enable us to accelerate development of our novel, high-quality small molecules."