Foley Hoag Client Metamark Genetics Signs Collaboration Agreement With Janssen Biotech on Novel Therapeutic Targets
December 19, 2011
Foley Hoag LLP represented Metamark Genetics Inc. as it entered into a research, collaboration and license agreement with Janssen Biotech Inc. to develop and commercialize Metamark’s novel cancer therapeutic targets.
The agreement is based on Metamark’s discovery platform for the identification and characterization of specific proprietary cancer targets, known as Prognosis Determinants™, which have been shown to play a causal role in promoting tumor progression and spread. After selecting the targets, Janssen Biotech will receive a limited exclusive license under Metamark’s intellectual property and will be responsible for the discovery, development and commercialization of therapeutic inhibitors targeting the specific Prognosis Determinants™.
“We congratulate Metamark and Janssen on entering into this collaboration that will apply Metamark’s novel science to advance the discovery and development of tumor-specific treatments for cancer patients,” said Foley Hoag partner Hemmie Chang, chair of the firm’s Licensing and Strategic Alliances Group. Chang represented Metamark along with associate Mary Beth Noonan and Intellectual Property Group deputy chair Dana Gordon.
Cambridge, Mass.-based Metamark will receive an initial upfront payment from Janssen Biotech and near-term milestone payments following initial target valuation. Under the terms of the agreement, Metamark may be eligible to receive up to $365 million in milestone payments across multiple targets, based upon the achievement of specified development, regulatory and commercialization goals.
Metamark also will be entitled to royalties on worldwide net sales of therapeutics and any associated companion diagnostics upon commercialization.
About Metamark Genetics Inc.
Metamark is a privately held oncology company focused on the development of function-based prognostic assays for early staged cancers. The MetamarkDx™ Prognostic Assays under development are based on Metamark’s proprietary Prognosis Determinants™, genes discovered through leading-edge cancer research and demonstrated to play a causal role in promoting tumor progression and spread. For further information, please visit the company’s website at www.metamarkgenetics.com.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and private funds fields, and in cross-border disputes. The diverse backgrounds, perspectives and experiences of our lawyers and staff contribute to the exceptional service we deliver to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.