On the ropes, Infinity gets a deal for duvelisib, with $0 up front as PI3k flounders
So this is where PI3k cancer drugs have fallen to.
Infinity Pharmaceuticals, which once touted its lead drug duvelisib as a blockbuster contender, has now handed it over to the long suffering Verastem $VSTM for no money down and milestones that tap out at $28 million.
The deal leaves Infinity $INFI on the ropes, with nothing but an early-stage PI3k followup called IPI-549 in the pipeline and a long lineup of clinical pileups in its past.
The move comes two days after Genentech decided to off-load a PI3k program to Novogen for only $5 million upfront. In April AstraZeneca simply cut AZD8835, a PI3K alpha/delta inhibitor in studies for solid tumors. And that move came just two months before AbbVie opted to spurn its $805 million collaboration with Infinity, even though their PI3K delta/gamma drug duvelisib had produced a positive set of data in a pivotal trial.
It just wasn’t competitive enough to give it much commercial value.
Infinity has been shopping the drug for months, touting upcoming data on CLL as well as the positive data that’s been collected so far. Verastem, meanwhile, is another long-suffering biotech which endured a stock meltdown last year after it was forced to admit that its lead drug had flopped in the clinic.