Feb 23 (Reuters) – Japan’s Astellas and Vir Biotechnology said on Monday they will together develop and commercialize the U.S. drug developer’s prostate cancer experimental drug.
Vir will receive $335 million in upfront and near-term payments under the deal, including $240 million in cash, $75 million in equity investment at a 50% premium, and a near-term $20 million milestone, the companies said.
The company will also be eligible to receive up to $1.37 billion in milestone payments, plus double‑digit royalties on sales outside the United States.
Astellas will lead the U.S. commercialization of VIR‑5500, and have the exclusive rights outside the country, with Vir retaining an option to co‑promote in the U.S., the companies said.
VIR-5500 is in early Phase 1 testing as an experimental treatment for advanced metastatic prostate cancer.
(Reporting by Gnaneshwar Rajan in Bengaluru and Michael Erman in New York; Editing by Shinjini Ganguli)
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