US drug developer Loxo Oncology Inc on Tuesday announced a deal with Bayer AG to develop and commercialize two of its cancer therapies and said it would receive $400 million upfront.
LOXO-195 is in development to treat cancer patients who have developed resistance to initial TRK therapy such as larotrectinib.
Under the terms of the deal, Loxo will receive $400M upfront, up to $450M in regulatory and first-sale milestones for larotrectinib and up to $200M in regulatory and first-sales milestones for LOXO-195. On a worldwide basis, the companies will equally share development costs.
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The deal also comes as Bayer, which is buying US seeds giant Monsanto, struggles to develop new drugs that could offset an expected slump in sales when its bestselling anti-clotting drug Xarelto loses patent protection in 2024.
Loxo will lead global development activities and US regulatory activities.
The therapies are both selective TRK inhibitors, which work by targeting a type of genetic adjustment that occurs across a range of tumors.
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According to Bayer, the first filing for larotrectinib is planned in the U.S.in late 2017 or early 2018, with the European Union filing expected in 2018.
"These agents have the potential to fullfil the promise of precision medicine, where tumor genetics rather than tumor site of origin define the treatment approach for patients", said Robert LaCaze, executive vice president and head of the oncology strategic business unit at Bayer.
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