On March 29, 2014 Ono Pharmaceutical and OncoTherapy Science reported that the companies entered into a license agreement for new therapeutic peptide vaccines for all types of cancer, including hepatocellular carcinoma (Press release Ono, MAR 29, 2011, www.ono.co.jp/eng/news/pdf/sm_cn110329.pdf [SID:1234500749]). Under this agreement, Ono is granted the exclusive rights (including sublicense rights) in Japan, South Korea and Taiwan to develop, manufacture and commercialize OncoTherapy’s therapeutic peptide vaccines derived from three kinds of oncoantigens. Ono will pay to OncoTherapy an upfront payment at closing of this agreement, followed by milestone payments based on development stages and achievement of projected sales as well as royalties on sales of the vaccines. In addition, Ono retains an option to expand the licensed territory based on the future development status.
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OncoTherapy is a company in the development of novel therapeutic agents for cancer. It has collaborated with Human Genome Center, the Institute of Medical Science, the University of Tokyo to identify and analyze functions of genes playing an important role for development and progression of cancer using comprehensive analysis of gene expressions, and to select proteins for drug discovery. OncoTherapy has already identified various peptide vaccines through its research and development on oncoantigens enhancing specific immune function for target protein.
Meanwhile, since we have already estimated the upfront payment under this license agreement in research and development expenditures of the current fiscal period ending March 2011, there is no financial impact on the projected business performance of this fiscal period.