Japan-based drugs company Takeda Pharmaceuticals has agreed to buy US-based oncology research group Intellikine from a syndicate including corporate venturing units for up to $310m.
Takeda will pay an initial $190m with a further $120m depending on the performance of its potential drugs targeting cancers that has begun making progress with the regulators.
Last month, US-based molecular drug developer Intellikine earned $4m in milestone payments from Infinity Pharmaceuticals. The payments were made after Intellikine’s IPI-145 inhibitor entered into Phase 1 clinical trials.
Intellikine signed a global licensing deal with Infinity for IPI-415, as well as other related intellectual property, in July last year. The deal included a $13.5m upfront payment, while milestone payments could potentially reach $471m in addition to royalties.
Intellikine had previously raised $51m in a July 2009 series B round led by corporate venturing unit Novartis Bioventures with participation from pharmaceutical company Biogen Idec, venture capital firms US Venture Partners, CMEA Capital and Sofinnova Ventures, investment bank FinTech Global and investment group Abingworth.
Sofinnova, CMEA and Abingworth each contributed to Intellikine’s $12.5m series A round less than two years before.