DUBLIN, Calif.--(BUSINESS WIRE)--Oct. 26, 2009--
SuperGen, Inc. (NASDAQ:SUPG) and GlaxoSmithKline (NYSE:GSK) have entered
into a multi-year collaboration to discover and develop cancer
therapeutics based on epigenetic targets. Epigenetics refers to the
regulation of genes with mechanisms other than changes to the underlying
DNA sequence. Epigenetic processes are widely believed to play a central
role in the development and progression of almost all cancers.
Under the terms of the deal, SuperGen will progress candidate compounds
through to early clinical proof of concept. GlaxoSmithKline will then
have the right to exercise an option to develop further and
commercialize resulting products on a global basis.
In connection with the transaction, SuperGen will receive $5 million
upfront, inclusive of a $3 million common stock investment, priced at a
premium to market. Total potential development and commercialization
milestones payable to SuperGen could exceed $375 million, in addition to
the potential for tiered royalties into double digit magnitudes, payable
on net sales of any resulting products.
“We are excited to be working with GlaxoSmithKline, a company that has
demonstrated a significant global commitment to bringing novel cancer
therapeutics to patients,” said Dr. James S.J. Manuso, Chairman,
President and CEO of SuperGen. “We believe this collaboration is a clear
validation of our discovery platform, core expertise and capabilities.”
About SuperGen
SuperGen is a pharmaceutical company dedicated to the discovery and
development of novel cancer therapeutics in epigenetic and cell
signaling modulation. SuperGen develops products through biochemical and
clinical proof of concept to partner for further development and
commercialization. For more information about SuperGen, please visit http://www.supergen.com.
Forward-Looking Statements
This press release contains “forward-looking” statements within the
meaning of Section 21A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and is
subject to the safe harbor created thereby. These forward-looking
statements include statements regarding the amount of money payable by
GlaxoSmithKline to SuperGen if SuperGen achieves certain development and
commercialization milestones as well as the percent of royalty payments
that SuperGen may earn based on sales of products developed and
commercialized by GlaxoSmithKline. Such statements are just predictions
and involve risks or uncertainties such that actual results and
performance may differ materially. Factors that might cause such a
difference include but are not limited to (1) the failure of SuperGen to
achieve any or some of the development and commercialization milestones,
(2) the decision by GlaxoSmithKline not to exercise its option to
develop further and commercialize the products on a global or other
basis, and (3) the failure of any of the commercialized products to
generate sales. These and other risks are detailed from time to time in
SuperGen’s periodic filings with the Securities and Exchange Commission,
including the report on Form 10-K for the fiscal year ended December 31,
2008 and on Form 10-Q for the quarter ended June 30, 2009. These
forward-looking statements are made only as of the date hereof, and we
disclaim any obligation to update or revise the information contained in
any such forward-looking statements, whether as a result of new
information, future events or otherwise.
Source: SuperGen, Inc.
SuperGen, Inc.
Timothy L. Enns, 925-560-2810
Senior Vice
President, Corporate Communications & Business Development
tenns@supergen.com
Susanna
Chau, 925-560-2845
Manager, Investor Relations
schau@supergen.com
View printer-friendly version
