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Sareum Holdings PLC - Cambridge, England-based drug developer for cancer and autoimmune diseases - Notes that GSK PLC has completed its acquisition of Sierra Oncology Inc, the licence holder of SRA737, for USD1.9 billion. SRA737 was discovered and initially developed by scientists at the Institute of Cancer Research in collaboration with Sareum.
GSK now owns the licence rights to SRA737, the clinical-stage oral, selective checkpoint kinase 1 inhibitor that targets cancer cell replication and DNA damage repair mechanisms.
Under a USD299 million licensing deal between Sierra and CRT Pioneer Fund LP, Sareum was eligible to receive a 27.5% share of any future milestone payments as well as royalties on any future sales of SRA737. The dosing of the first patient with SRA737 in any new clinical trial would result in a USD2.0m payment from Sierra, now GSK, with 27.5% of this due to Sareum.
Current stock price: 209.00 pence, up 2.0% on Monday
12-month change: down 45%
By Heather Rydings; heatherrydings@alliancenews.com
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