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PEN-866

Tarveda Therapeutics, Inc.

Description: PEN-866 is a small-molecule drug conjugate that comprises an HSP90 ligand conjugated to SN-38. PEN-866 binds with high affinity to the intracellular HSP90 target to deliver SN-38, a derivative of irinotecan..

Deal Structure: Tarveda and Madrigal
In September 2016, Tarveda announced that it entered an exclusive worldwide licensing agreement with Madrigal providing for the discovery, development and commercialization by Tarveda of products based on Madrigal's HSP90 Drug Conjugate Program.

Under the terms of the agreement, Madrigal will receive an upfront payment and is eligible to receive up to an aggregate of $163 million of contingent payments based upon the achievement of specified development, regulatory and sales milestones related to the first HSP90 drug conjugate product developed under the agreement. Madrigal is also eligible to receive a tiered, single-digit royalty based on future worldwide sales of HSP90 drug conjugate products. Potential development, regulatory and sales milestone payments related to a second HSP90 drug conjugate product would be lower. Tarveda will be responsible for all of the development costs for the HSP90 drug conjugate program.

Partners: Madrigal Pharmaceuticals, Inc.


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