J&J hands Tracon two drugs, outlines buyback; Zymeworks does a cross-licensing deal with Daiichi Sankyo
Typically we see Big Pharmas in-licensing experimental drugs from small biotechs. But in a reverse of those roles, San Diego-based Tracon Pharmaceuticals bagged a couple of programs from pharma giant J&J. And J&J is also investing $5 million in an equity stake for its new partner. This is a two-way deal, though, as J&J also outlined some specific deal terms if it wants these drugs back. J&J agreed to pay Tracon $45 million upfront and up to $137.5 million in milestones to retrieve JNJ-63576253, a prostate cancer therapy. And JNJ-64290694 for hematologic malignancies can be roped back after negotiations. If Tracon keeps that drug, it will be on the hook for up to $60 million in milestones. Kudos on the innovative deal structure.
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