Specific terms of the transaction were not disclosed, but the total upfront payment to BioLineRx from Cypress was $30 million with total potential clinical and regulatory milestones of up to $160 million through to approval in the U.S.
BioLineRx also stands to see potential commercial milestones of $85 million, and a potential additional $90 million associated with approval for additional indications in the U.S. or for approval in other countries in North America.
In addition, Cypress will fund all continuing development activities and pay BioLineRx a royalty based on applicable sales. Volume topped 3.3 million shares, compared to the 50-day average daily volume of 283,000.
shares fell by 48 cents, or 10.5%, to $4.10 after
returned the full rights to develop and commercialize the company's XL184 cancer drug, citing pipeline and prioritization decisions.
As part of the decision to return XL184, BMS will make a payment to Exelixis of $17 million. Volume topped 2.38 million shares, compared to the 50-day average daily volume of 1.29 million.
-- Written by Robert Holmes in Boston
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