Friday, July 12, 2019
Forty Seven, Inc., a clinical-stage, immuno-oncology company focused on developing therapies to activate macrophages in the fight against cancer, and Ono Pharmaceutical Co., Ltd. today announced an exclusive license agreement for the development, manufacture and commercialization of 5F9, Forty Seven’s monoclonal antibody against CD47. The agreement includes all therapeutic uses of 5F9 as a monotherapy or combination agent in Japan, South Korea, Taiwan and the ASEAN countries (the “Territory”). Forty Seven will retain all rights to 5F9 in the rest of the world including the United States, Europe and China.
Under the terms of the agreement, Forty Seven will receive a one-time upfront payment of approximately $15.8 million from Ono. Forty Seven is eligible to receive up to an additional approximately $104 million at current exchange rates if specified future development and commercial milestones are achieved by Ono, in addition to tiered percentage royalties, spanning from the mid-teens to the low-twenties, on future net sales of 5F9 in the Territory. In exchange, Ono will receive exclusive rights to develop, manufacture and commercialize 5F9 in the Territory, at its own cost and expense. Additionally, Ono will have the right to participate in global clinical studies of 5F9 by bearing the development cost in the above countries.
“Ono is an established leader in oncology, with a track record of successfully developing and commercializing immuno-oncology and in-licensed targeted-therapeutics for East Asian markets, including OPDIVO® (nivolumab), KYPROLIS® (carfilzomib), BRAFTOVI® (encorafenib) and MEKTOVI® (binimetinib). Importantly, with Bristol-Myers Squibb, Ono secured the first regulatory approval for OPDIVO worldwide,” said Craig Gibbs, Ph.D., Chief Business Officer of Forty Seven. “We are confident Ono is the ideal partner as we enter into our first commercial collaboration and look to accelerate our delivery of 5F9 to patients in select Asian countries, while also maintaining a sharp focus on executing our internal development programs.”
“We are delighted to enter into this collaboration with Forty Seven, a pioneer in understanding the role of CD47 in cancer evasion and a leader in the development of new immunotherapies that harness the therapeutic potential of the innate immune system,” said Kiyoaki Idemitsu, Corporate Officer and Executive Director, Clinical Development of Ono. “Based on compelling data in multiple hematologic malignancies, we believe 5F9 has the potential to deliver benefit to a broad range of patients. We will explore possibilities of 5F9 for the treatment of various cancers including solid tumors, as we advance our efforts to develop and deliver innovative and breakthrough pharmaceutical products to patients in Japan, South Korea, Taiwan and the ASEAN countries.”