Infinity In-Licenses Portfolio Of PI3 Kinase Inhibitors For Inflammatory Diseases
This article was originally published in The Pink Sheet Daily
Deal is the historically oncology-focused Infinity's first pipeline-building move since it began a strategic alliance with Purdue Pharma and the latter's European affiliate Mundipharma in late 2008.
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In a deal worth more than $800 million, AbbVie injects a vote of confidence into Infinity’s late-stage PI3K inhibitor program, but leaves the biotech the freedom to conduct other partnerships.
Infinity avoids the erosion of its rights to a promising PI3K drug by restructuring its alliance with Purdue and Mundipharma, essentially returning all control back to the cancer drug developer.
Takeda’s Millennium oncology unit will absorb Intellikine’s programs in a deal paying $190 million upfront to buy out the privately held biotech.