Amgen Inc. on Tuesday announced a collaboration agreement with Array BioPharma for development of drugs for autoimmune disorders.
The Thousand Oaks biotech will work with the Colorado-based Array on preclinical development of inhibitors discovered by Array, which may be developed to treat cancer. According to the agreement, Amgen will be responsible for clinical development and commercialization. Amgen will make upfront payments, and pay royalties on sales of treatments in exchange for exclusive rights.
"We are pleased to enter this collaboration with Array that builds on our continued focus in inflammation, one of Amgen's key strategic areas of interest," Flavius Martin, vice president of Research, Inflammation and Oncology at Amgen, said in a statement. "We look forward to partnering with Array BioPharma to advance molecules into the clinic that may offer a new treatment option for patients."
Shares of Amgen (AMGN) closed Monday up 8 cents or less than 1 percent to $177.48 on the Nasdaq.