BIND Therapeutics, a clinical-stage nanomedicine platform company developing targeted and programmable therapeutics called Accurins, has amended its development and commercialization collaboration agreement with Amgen to extend the period during which Amgen may exercise its option by six months.
BIND entered into a global collaboration agreement with Amgen on 7 January 2013 to develop and commercialize a kinase inhibitor nanomedicine for treating a range of solid tumors based on BIND's platform for targeted and programmable nanomedicines and Amgen's undisclosed proprietary kinase inhibitor.
Under the agreement, Amgen had twelve months from the effective date to exercise its option to select a novel Accurin candidate for further development. The option period under the amended collaboration agreement has been extended to 7 July 2014 to allow for completion of the research plan. None of the other terms of the original agreement have been changed.
Amgen has the exclusive right to pursue development and commercialization of an Accurin kinase inhibitor against solid tumor targets to be selected by Amgen. Both companies are working together on preclinical development and agreed that Amgen would assume responsibility for any future development and commercialization.
BIND is eligible to receive up-front and development milestone payments totaling $46.5m, up to an additional $134m in regulatory and sales milestone payments for the first therapeutic indication and additional payments for target exclusivity. BIND will receive tiered royalties on potential future sales.