Array BioPharma enters preclinical agreement with genetics company
BOULDER — Biopharmaceutical company Array BioPharma Inc. (Nasdaq: ARRY) is partnering with therapeutics and genetics company Amgen with an agreement to collaborate on drugs for autoimmune disorders.
The collaboration will use Boulder-based Array’s proprietary platform and expertise in chemistry and early lead development.
Under terms of the agreement, Thousand Oaks, Calif.-based Amgen and Array will collaborate on preclinical development. Array will lead the medicinal chemistry work. Amgen is responsible for the clinical development and commercialization.
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Amgen will make upfront and milestone payments in exchange for exclusive rights to Array’s preclinical program. Amgen will also pay royalties on sales of resulting therapies.
With the announcement, Array saw a premarket spike in its stock, with prices jumping from $8.51 end-of-day Monday to $8.60 when the market opened on Tuesday. At time of publication, the company’s stock price was back to $8.51.
