Oncology Venture A/S (OV) has signed a definitive agreement to out-license two clinical assets, LiPlaCis and 2X-111, to Smerud Medical Research International for further clinical and commercial development. OV will receive regulatory milestone fees of nearly $30 million plus royalties on sales for each drug if all milestones are met. OV also terminated its prior license agreement with Cadila Pharmaceuticals for the development of LiPlaCis in India.
In September 2019, OV announced a significant restructuring, including a new executive management team and a streamlined, prioritized focus on advancing its top three clinical-stage oncology programs towards approval and commercialization. The company has established partnerships to advance the portfolio while monetizing the value for the company as part of this ongoing effort.
Smerud Medical Research is a European-based CRO with expertise in the development of precision cancer drugs. Smerud has previously worked with OV on its LiPlaCis program as well as several other clinical programs. Under the new agreement, Smerud will advance the specific development of LiPlaCis in late stage metastatic breast cancer and 2X-111 in glioblastoma multiforme, in connection with each program’s DRP companion diagnostic.