TopoTarget pays Celldex Therapeutics $3M sublicense income over Belinostat co-development agreement
Published on February 17, 2010 at 12:03 AM
Celldex Therapeutics, Inc. (NASDAQ: CLDX) today announced that it has
received a sublicense income payment of $3 million from TopoTarget A/S
(NASDAQ-OMX: TOPO.CO) as a result of the recent co-development and
commercialization agreement between TopoTarget and Spectrum
Pharmaceuticals, Inc. (NASDAQ: SPPI) for Belinostat, a novel histone
deacetylase (HDAC) inhibitor for the treatment of cancer. In this
transaction, TopoTarget granted Spectrum a license for the
co-development and commercialization of Belinostat in North America and
India, with an option for the Chinese rights, in exchange for an upfront
cash payment of $30 million.
Based on an April 2008 agreement in which a Celldex-acquired company,
CuraGen Corporation, sold the Belinostat rights to TopoTarget, Celldex
is entitled to, among other provisions, 10% of any sublicense income
received by TopoTarget for Belinostat up to $6 million in the aggregate.
Celldex acquired CuraGen in October 2009. Under the April 2008
agreement, TopoTarget assumed all financial and operational
responsibility for the clinical development of Belinostat.
Celldex Therapeutics, Inc.