Molecular cancer drug developer Array BioPharma sets collaboration with Celgene Corp.

BOULDER, CO -- Array BioPharma Inc. (NASDAQ: ARRY) announced a strategic collaboration with Celgene Corporation for an Array-invented preclinical development program targeting a novel inflammation pathway. Under the terms of the agreement Array will receive an up-front payment of $11 million and Celgene will have an exclusive option to license multiple clinical development candidates. Array is entitled to receive potential milestone payments of up to $376 million based upon achieving certain development, regulatory and sales objectives, the company announced. Array is also entitled to receive royalties on net sales of all drugs and will retain all rights to the program if Celgene does not exercise its option.