Re-Ralph20 Jun 2019 13:42
riddler:-Taken from SAR RNS 09/01/2017 (The part I quoted about Sierra Oncology dishing out payment in 2020 I read a few months ago, not sure where).
Milestone Payment from Chk1 Licence Agreement
Sareum Holdings plc (AIM:SAR), the specialist cancer drug discovery and development company, is pleased to announce the attainment of a US$2.0 million success milestone payment as part of the Chk1 licence agreement between its co-investment partner, the CRT Pioneer Fund, and Sierra Oncology, Inc. (NASDAQ: SRRA), formerly, until today, ProNAi Therapeutics, Inc.
Under the terms of the agreement, first announced on 27 September 2016, the fee has become payable as a result of the successful transfer of the two ongoing Phase 1 clinical trials to Sierra Oncology. Further payments in the aggregate amount of up to US$319.5 million may additionally become payable upon achievement of certain development, regulatory and commercial milestones. Sierra Oncology will also pay high single to low double digit royalties on the net sales of any product successfully developed.
Under Sareum's agreements with Cancer Research Technology and the CRT Pioneer Fund, Sareum is entitled to 27.5% of all payments arising from the Chk1 licence agreeement. Therefore, Sareum will receive $550,000 as its financial share of this milestone event.