Array BioPharm, Amgen ink $60M type 2 diabetes drug deal
Array BioPharma and Amgen have entered into an agreement granting Amgen exclusive worldwide rights to Array's small-molecule glucokinase activator program, including ARRY-403, currently being tested in a Phase 1 clinical trial in patients with type 2 diabetes.

Under the terms of the agreement, Array of Boulder, Colo., will receive an upfront payment of $60 million and additional contingent payments for certain clinical and commercial milestones. Array is responsible for completing the Phase 1 trial for ARRY-403.

The agreement also stated that Amgen is responsible for future clinical development and commercialization for ARRY-403 and any resulting back-up compounds, with Array having an option to co-promote in the U.S. Array will receive double digit royalties on sales of ARRY-403. In addition, Amgen of Thousand Oaks, Calif., will fund an agreed upon number of full time Array employees as part of a two-year research collaboration intended to identify and advance second-generation glucokinase activators.