Rafael Pharmaceuticals, Inc.has entered into an out-licensing agreement with Ono Pharmaceutical Co., Ltd.for the development and commercialization of CPI-613 (devimistat), Rafael’s first-in-class clinical lead compound, which targets cancer metabolism enzymes, as well as its other related compounds. 
 
Rafael will receive a one-time upfront payment of approximately $12.9 million and up to an additional approximately $150.3 million if certain development and commercial milestones are achieved. Rafael will also receive royalties on sales in Japan, South Korea, Taiwan and ASEAN (Association of Southeast Asian Nations) countries. ONO will have exclusive rights to develop and commercialize the products for all indications in ONO’s territory. 

“It is a true honor to partner with ONO, which is one of the oldest pharmaceutical companies in Japan with an abundance of experience in drug discovery and development,” said Sanjeev Luther, president and chief executive officer of Rafael. “With ONO’s extensive expertise and deep roots in the region, we hope that devimistat can help fill a major gap in oncology therapeutics in Japan and other Asian countries. It is our ongoing mission to have a meaningful impact on the lives of cancer patients around the globe, and ONO enables us to have even greater reach.”

“Devimistat has shown tremendous promise in clinical trials, and partnering with ONO allows us to extend the benefits of the drug to large patient populations in Asia,” said Howard Jonas, Chairman of Rafael. “ONO has demonstrated an impressive track record in drug development and commercialization in Asian countries, specifically in oncology, which makes them a natural fit as our partner.”