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MannKind, Tolero sign drug development agreement potentially worth $130 million

Monday, April 30 2012 | Comments
Evidence Grade 0 What's This?
MannKind Corp. and Tolero Pharmaceuticals Inc. established a collaboration and license agreement granting Tolero exclusive worldwide rights to develop and commercialize compounds from MannKind's Bruton's tyrosine kinase (Btk) inhibitor program for hematologic malignancies and inflammatory diseases.

The agreement calls for Tolero to pay MannKind as much as approximately $130 million in up-front and milestone payments connected to the development, approval and commercialization of products. Additionally, MannKind is entitled to receive tiered royalties on product sales and a percentage of sublicensing revenue.

MannKind has an option to reacquire the rights to the program at prespecified terms until 60 days after the first Phase I study has been completed. If MannKind exercises this option, the company would assume responsibility for developing and commercializing products, in which case Tolero would be entitled to receive the milestone payments, royalties and sublicensing revenue specified in the agreement.

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