Shire will make a total upfront investment of $20.4 million in arGEN-X, and will fund the collaborative research programs at arGEN-X and pay fees, clinical, regulatory and sales milestones, as well as royalties on product sales. Shire will be responsible for clinical development and commercialization and arGEN-X has the right to license any programs not pursued by Shire.
"Our partnering philosophy at arGEN-X is to create alliances for the long term with select, top tier companies. We have certainly upheld this principle by repeatedly expanding our collaboration with Shire, with today's announcement marking our most ambitious and exciting venture with them to date," said Tim Van Hauwermeiren, chief executive officer of arGEN-X. "We have enjoyed consistent success in our collaboration, recognizing important synergies in combining our strengths and capabilities."
Dr. Philip J. Vickers, global head of R&D at Shire said, "Our arGEN-X collaboration has exceeded our expectations in delivering highly differentiated antibody programs within our therapeutic focus. The time is right to commit more significantly to the company through a longer term investment in its unique, world class technologies."