Ropes & Gray advised Verastem Oncology in a discovery and development collaboration with GenFleet Therapeutics to advance three oncology discovery programs targeting RAS pathway-driven cancers. The collaboration was announced on August 28.
The structure of the collaboration allows Verastem the flexibility of a milestone-based option to license up to three compounds. The licenses would give Verastem development and commercialization rights outside of China while GenFleet would retain development and commercialization rights inside of China.
The agreement includes combined upfront, research support and option payments to GenFleet of $11.5 million for the first program, with potential total deal size across all three programs of up to $625.5 million (excluding royalties) if Verastem exercises its in-license options. The collaboration provides Verastem with exclusive rights to obtain a license to each of the compounds after successful completion of pre-determined milestones in Phase 1 clinical trials.
The Ropes & Gray team was led by life sciences licensing partner Abigail Gregor and included IP transactions associate Mallory Ursul.
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