) entered into a research and license agreement with OncoFusion
The agreement pertains to certain compounds targeting
Bromodomain and Extra-Terminal (BET) proteins for potential use
in oncology and other disease areas.
As per the agreement, Medivation has exclusive worldwide
rights for the development and commercialization of these
Medivation can also access OncoFusion's library of small
molecule BET bromodomain inhibitor compounds and thereafter
select compounds for further development.
In exchange, OncoFusion will receive upfront payments along
with potential milestone payments. The financial terms of the
agreement were not disclosed. OncoFusion is also entitled to
royalties on the commercial sale of approved products as defined
in the agreement.
Medivation intends to expand its footprint in cancer treatment
by developing improved next generation therapies.
We remind investors that Medivation's Xtandi was approved by
the U.S. Food and Drug Administration (FDA) for the treatment of
post-chemotherapy metastatic castration-resistant prostate cancer
Meanwhile, Medivation and partner
Astellas Pharma Inc
) are looking to get the label for Xtandi expanded into the
chemo-naïve patient population. In Mar 2014, both the companies
filed a supplemental New Drug Application (sNDA) seeking FDA
approval for Xtandi for the treatment of men with metastatic
castration-resistant prostate cancer (mCRPC) who have not
The sNDA was based on data from the phase III PREVAIL study.
Results from this study were pretty impressive with Xtandi
reducing the risk of death by 29% compared to placebo.
Medivation is a Zacks Rank #3 (Hold) stock. Some better-ranked
stocks in the biotech sector include companies like
Peregrine Pharmaceuticals, Inc
Vertex Pharmaceuticals Inc.
). Both carrying a Zacks Rank #1 (Strong Buy).
ASTELLAS PHARMA (ALPMY): Get Free Report
MEDIVATION INC (MDVN): Free Stock Analysis
PEREGRINE PHARM (PPHM): Free Stock Analysis
VERTEX PHARM (VRTX): Free Stock Analysis
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