The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Afraxis Grants Exclusive Global License to Genentech

Tuesday, January 29, 2013

Afraxis Grants Exclusive Global License to Genentech08:00 EST Tuesday, January 29, 2013SAN DIEGO, Jan. 29, 2013 /PRNewswire/ -- Afraxis, Inc. today announced that it has entered into a global licensing agreement with Genentech, a member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY), to develop compounds for an undisclosed novel target. Under the terms of the agreement, Genentech will have exclusive, worldwide rights to develop and commercialize Afraxis' proprietary compounds. Afraxis is eligible to receive upfront, research, development and commercialization milestone payments, together totaling up to $187.5 million. Full financial terms have not been disclosed. "Afraxis has secured this relationship with Genentech only five years after founding the company as part of Avalon's life sciences portfolio," said Jay Lichter, Ph.D., president and CEO of Afraxis, and managing partner of Avalon Ventures. "Avalon's approach to investing in companies at the earliest stages and staying actively involved in company management is proving to be a successful strategy for life science investing."About Afraxis, Inc.Afraxis, Inc. is a San Diego-based biotechnology company fully funded by Avalon Ventures.For more information visit the Afraxis Web site: www.afraxis.com SOURCE Afraxis, Inc.For further information: Heidi Chokeir, Ph.D., Canale Communications, +1-619-849-5377, heidi@canalecomm.com