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Array BioPharma Licenses Rights To Amgen

Boulder-based Array BioPharma said last night that the firm is in a deal with biotech giant Amgen, to license the rights to its small-molecule glucokinase activator program targeted at the treatment of patients with Type 2 diabetes. Amgen will pay $60M in an upfront payment, pus additional contingent payments based on clinical and commercial milestones. Array BioPharma's ARRY-403 compound is currently in Phase 1 clinical trials. Array said that Amgen is responsible for future clinical development and commercialization for ARRY-403 and resulting back-up compounds. The deal also includes the funding of a number of full time, Array employees as part of a two year research collaboration.