Array closes deal with French biopharma to advance cancer-fighting drugs

BOULDER — Array BioPharma Inc. on Monday said it has closed its deal with French drugmaker Pierre Fabre to globally develop and commercialize Array’s cancer-fighting drugs, binimetinib and encorafenib.

The deal, announced Nov. 16, cleared its final hurdle when it was approved by the European Commission on Competition, the companies announced Monday.

Boulder-based Array (Nasdaq: ARRY) will receive an upfront payment of $30 million and is entitled to receive up to $425 million if certain development and commercialization milestones are achieved.

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Array retains commercialization rights for the two drugs in the United States, Canada, Japan, Korea and Israel. France-based Pierre Fabre will have rights to commercialize both products in all other countries, including Europe, Asia and Latin America.

Binimetinib is intended to treat ovarian and colorectal cancer, and melanoma; encorafenib would treat melanoma.

Array and Pierre Fabre have agreed to split future development costs on a 60/40 basis, with Array paying 60 percent, with initial funding committed for new clinical trials in colorectal cancer and melanoma.

All ongoing binimetinib and encorafenib clinical trials remain substantially funded through completion by Novartis.

Pierre Fabre Oncology is a business unit of the global 10,000-employee Pierre Fabre company. It has more than 1,000 employees, with a strong focus on European markets.