As per the terms of the agreement, Olema will make an upfront licensing payment of US $8 million in exchange for rights to a pre-existing Aurigene program. Aurigene seeks to receive up to US $60 million in potential clinical development and regulatory milestones. Further, it is also eligible to receive up to US $370 million in potential commercial milestones, and royalties ranging from the mid-single digits to the low double digits on the basis of annual net sales.
During the research term, Olema will provide funding to Aurigene for the smooth functioning of ongoing discovery efforts. It has sufficient cash flows to fund Aurigene’s planned research and development operations into 2024.
“Company’s agreement with Olema further validates Aurigene’s extensive expertise in the discovery and preclinical development of effective cancer therapeutics,” commented Murali Ramachandra, Ph.D., Chief Executive Officer of Aurigene.
Olema and Aurigene will be jointly responsible to direct further preclinical work. If successful, Olema will act as a leader in clinical development as well as regulatory and commercial activities.
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