Trillium Therapeutics Inc. (TTI), a biopharmaceutical company developing innovative immune-based biologics, today announced that it has entered into a definitive license agreement with Biogen Idec ( BIIB), granting the latter exclusive worldwide rights to one of Trillium's development programs.
"Biogen Idec is a premier biotechnology partner and a world leader in immunology research and development", commented Trillium CEO, Dr. Niclas Stiernholm. "We have had the privilege and fortune to work with some of the world's best immunology companies over the past few years, which reinforces the value and quality of our strong and innovative science."
"The Biogen Idec partnership clearly adds value and strongly validates the quality of our programs" underlined Luc Marengère, lead investor and Managing General Partner with VG Partners.
Under the terms of the agreement, TTI will receive an upfront payment and is eligible to receive milestone payments based on achievements of specified clinical, regulatory and commercial accomplishments. TTI will also receive royalties on global product sales. No other financial terms were disclosed. Biogen Idec will be solely responsible for clinical development, regulatory approvals, manufacturing and commercialization.
"Trillium's strong immunology foundation and its close connection to Toronto's world class immunology research community, has allowed it to build a suite of exciting biologies opportunities in the immunoregulatory field", added Dr. Michael Moore, Trillium's Chairman. "We look forward to concluding additional partnerships later in the year, particularly around our non-core assets."
SOURCE Trillium Therapeutics Inc.