Taylor Wessing advises Oxford BioMedica on global licensing agreement with Sanofi-aventis
Taylor Wessing advised Oxford BioMedica (LSE: OXB) and Sanofi-Aventis (EURONEXT: SAN; NYSE: SNY) on an exclusive global licensing agreement to develop and commercialise TroVax® for the treatment and prevention of cancers.
TroVax® is Oxford BioMedica’s lead cancer immunotherapy. It has been evaluated in clinical trials involving more than 180 patients with various forms of cancer. A Phase III trial in renal cancer is ongoing.
Under the terms of this agreement:
- Sanofi-aventis will pay Oxford BioMedica up to €518 million (US$690 million) if all development and registration targets are met for certain defined indications. Additional payments will be made if regulatory milestones are achieved in other cancer types.
- Oxford BioMedica will receive an initial payment of €29 million (US$39 million) and further near-term payments of €19 million (US$25 million) as milestones linked to the ongoing Phase III TRIST study in renal cancer.
- Oxford BioMedica is also entitled to escalating royalties on global sales of TroVax® and to further undisclosed commercial milestones when net sales of TroVax® reach certain levels.
- Oxford BioMedica has an option to develop TroVax® for other cancer types in exchange for enhanced financial returns, and Sanofi-Aventis will keep all commercial rights.
- Oxford BioMedica will supply TroVax® to Sanofi-Aventis on commercial terms.
- Oxford BioMedica and Sanofi-Aventis will co-fund the ongoing Phase III TRIST study of TroVax® in renal cancer.
- Sanofi-Aventis will fund all future research, development, regulatory and commercialisation activities, including the immediate implementation of a development plan for TroVax® in metastatic colorectal cancer.
- Sanofi-Aventis will be responsible for the global commercialisation of TroVax® and will book the sales worldwide. Oxford BioMedica retains an option to participate in the promotion of TroVax® in the United States and the European Union.
TroVax® may be developed by sanofi-aventis as a treatment for any cancer type. Based on the broad distribution of the 5T4 tumour antigen, TroVax® has potential application in a wide range of solid tumours, including renal, colorectal, lung, breast and prostate cancer.
Professor Alan Kingsman, Chief Executive of Oxford BioMedica, commented:
"The Taylor Wessing team did a magnificent job for us. Their experience in the field of pharma/biotech deals and their tireless diligence on our behalf made all the difference to getting the deal done".
Partner Malcolm Bates commented:
"Taylor Wessing is very pleased to have worked with Oxford BioMedica on such a major and complex late-stage vaccine licensing deal. The agreement with Sanofi-Aventis represents a considerable endorsement of the potential of TroVax® in cancer immunotherapy and represents a significant milestone for Oxford BioMedica in its continued development as an independent biopharmaceutical company".
The Taylor Wessing IP team advising Oxford BioMedica comprised partners Malcolm Bates and James Marshall, and associate Tim Worden.
Notes to editors
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