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Tesaro Announces Global Prostate Cancer Collaboration And Licensing Agreement With Janssen

The following excerpt is from the company's SEC filing.

Janssen to develop and commercialize niraparib for patients with prostate cancer worldwide, except in Japan

TESARO to receive up to $450 million in upfront and milestone payments, plus royalties

Janssen to fund all development and commercialization related to niraparib in prostate cancer

Separately, Johnson & Johnson Innovation JJDC will make an equity investment in TESARO

WALTHAM, Mass, April 6, 2016 (GLOBE NEWSWIRE) TESARO, Inc. (NASDAQ:TSRO), an oncology-focused biopharmaceutical company, and Janssen Biotech Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson, today announced a global collaboration and license agreement focused on the development and commercialization of niraparib specifically for the treatment of prostate cancer. Niraparib is an oral, once daily, potent, and highly selective PARP inhibitor that is currently being evaluated in Phase 3 clinical trials for ovarian and breast cancer.

We are pleased to be working with Janssen, a leader in the prostate cancer field, to advance niraparib in this indication, said Lonnie Moulder, CEO of TESARO. This innovative, indication-specific collaboration accelerates efforts to expand the treatment options available for men with prostate cancer and further increases the value of the niraparib franchise.

Under the terms of the agreement, Janssen will develop and commercialize niraparib for patients with prostate cancer worldwide, except in Japan. TESARO will receive an upfront payment of $35 million, and is eligible to receive additional milestone payments of up to $415 million, contingent upon Janssen reaching certain pre-determined development, regulatory and commercial milestones, in addition to tiered, double-digit royalty payments. Janssen will be responsible for funding all development and...