As per the terms of the agreement, Prometheus is responsible to pay a sum of $19m upfront payment and development fees plus milestone payments and royalties on Rencarex net sales in the US to WILEX.
According to a provision under the agreement, WILEX may be granted commercialization rights outside the US, including but not limited to Europe, to one of Prometheus’ marketed products or receive additional cash payments of up to $20m.
Prometheus president and CEO Joseph Limber said Rencarex is a great strategic fit with their current oncology portfolio in renal cell carcinoma.
"We look forward to working with WILEX to complete the development process and commercialize Rencarex in the US," Limber said.