Clal Biotech Sells Cancer Drug Rights To Medivation

October 27, 2014 | Clal Biotechnology‘s unit CureTech sold its commercialization rights for its cancer treatment pidilizumab to the US company Medivation. According to the agreement, Medivation will be responsible for development, regulatory and commercial activities for pidilizumab. CureTech will receive an upfront payment of $5 million from Medivation, with potential milestone payments of up to $85 million, and royalties of up to $245 million on global sales. “Immuno-oncology is a significant area of interest for researchers in the development of anti-cancer therapies, marked by its potential to stimulate the body’s immune system to fight disease. Licensing rights to pidilizumab under this agreement marks an important step in our strategy to further diversify our portfolio,” said Medivation President and CEO Dr. David Hung.