Infinity Pharmaceuticals, Inc. (NASDAQ: INFI) today announced that the company amended its development and license agreement with Millennium: The Takeda Oncology Company and Takeda Pharmaceutical Company Limited (TSE:4502) for Infinity’s phosphoinositide-3-kinase (PI3K) program. Under the amended agreement, Infinity continues to retain full worldwide rights to IPI-145, a potent, oral inhibitor of PI3K-delta and PI3K-gamma, as well as worldwide rights to any future product candidates targeting PI3K-delta and/or PI3K-gamma, and Millennium remains entitled to receive success-based milestones and tiered royalties on future worldwide sales of products covered by this agreement. In exchange for Infinity’s one-time payment of $15 million, Millennium waived its right to opt into a 50-50 U.S. profit and loss-sharing arrangement in the U.S. for any of Infinity’s PI3K inhibitors, including IPI-145. In addition, Infinity paid Millennium the $5 million development milestone for the August 2012 initiation of the Phase 2a clinical trial of IPI-145 in patients with asthma.
“We believe that the potency of IPI-145 against both PI3K-delta and PI3K-gamma contribute to its potential to become the best-in-class PI3K inhibitor,” stated Lawrence Bloch, M.D., J.D., executive vice president, chief financial officer and chief business officer of Infinity. “Infinity is focused on rapidly advancing IPI-145 and additional follow-on PI3K product candidates with the goal that patients, our shareholders and other financial stakeholders, including Millennium, will benefit from their development and commercialization.”
“We have had a successful relationship with Infinity since the December 2011 acquisition of Intellikine by Takeda Pharmaceutical Company Limited,” stated Kyle Kuvalanka, vice president, business development and corporate strategy and development of Millennium. “We look forward to Infinity’s continued progress and to participating in the downstream value of its PI3K program through future milestone and royalty payments.”
Terms of the Amendment to Development and License Agreement
Under the terms of the amended agreement, Infinity continues to retain worldwide development and commercialization rights for its PI3K-delta,gamma program. In exchange for Infinity’s one-time payment of $15 million, Millennium waived its right to opt into a 50-50 U.S. profit and loss-sharing arrangement and its right to participate in up to 30 percent of the detailing effort in the U.S. for any of Infinity’s PI3K inhibitors. In addition, Infinity paid Millennium the $5 million milestone for the August 2012 initiation of the Phase 2a trial of IPI-145 in patients with asthma.