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Cambridge drug developer Infinity Pharmaceuticals Inc. has signed a deal to pay potentially up to $488.5 million for global development and commercialization rights to a drug development portfolio from California-based Intellikine Inc.
The deal covers Intellikine’s inhibitors, including its INK1197 oral inhibitor to treat inflammatory diseases. Per agreement terms, Infinity will pay Intellikine $13.5 million in upfront licensing fees, as well as two years’ worth of funding for research into novel delta, gamma and dual delta/gamma-specific inhibitors; up to $25 million for milestones reached by two drug candidates; and up to $450 million for milestones associated with the commercialization and approval of drug two products.
Infinity provided further details of its agreement with Intellikine in a press release.
The licensing deal with Intellikine is part of the strategy Inifinity has taken under its research, development and commercialization alliance with Mundipharma International Corp. Ltd. and Purdue Pharmaceutical Products LP. The alliance, which focuses on advancing Infinity’s anti-cancer drugs, may see the company receive up to $75 million in equity investment for its oncology products.
Infinity (Nasdaq: INFI) specializes in small-molecule drug technologies to discover and develop potential cancer therapies.
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