Deal provides Array $35M upfront, up to $425M in milestone payments

BOULDER — Array BioPharma Inc. and Pierre Fabre on Monday announced a collaboration to develop and commercialize Array’s cancer-fighting drug candidates, binimetinib and encorafenib.

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.

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…