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Aurigne, the wholly-owned subsidiary of Dr Reddy’s Laboratories Ltd, has entered into a partnership pact with the US-based biotech firm Curis Inc.
The collaboration would cover licence, option agreement to discover, develop and commercialise small molecule antagonists for immuno oncology and precision oncology targets, according to a release.
Dr Reddy's arm would be responsible for conducting all discovery and pre-clinical activities, including industry-enabling studies and providing Phase 1 clinical trial supply. Curis will be responsible for all clinical development, regulatory and commercialisation efforts worldwide, excluding India and Russia.
Issue of shares
In connection with the transaction, Curis has agreed to issue to Aurigene approximately 17.1 million shares of its common stock, or 19.9 per cent of its outstanding common stock immediately prior to the transaction, in partial consideration for the rights granted to Curis under the collaboration agreement.
The shares to be issued to Aurigene will be subject to a lock-up agreement until January 18, 2017, with a portion of the shares being released from such lock-up in equal instalments between now and such date.
The two companies would collaborate exclusively in immuno-oncology for an initial period of approximately two years, with the option for Curis to extend the broad immuno-oncology exclusivity.
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