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Investing.com -- Ideaya Biosciences Inc (NASDAQ:IDYA) stock rose 6.9% premarket Tuesday after the precision medicine oncology company announced an exclusive licensing agreement with French pharmaceutical group Servier for its eye cancer treatment darovasertib.
Under the terms of the deal, Servier will obtain regulatory and commercial rights for darovasertib in all territories outside the United States, while Ideaya will retain its U.S. rights. Ideaya will receive an upfront payment of $210 million and could earn up to an additional $320 million in regulatory and commercial milestone payments, plus double-digit royalties on net sales outside the U.S.
Darovasertib is a protein kinase C (PKC) inhibitor being developed to treat primary and metastatic uveal melanoma (UM), a rare and aggressive form of eye cancer. The drug has received FDA Breakthrough Therapy Designation as a neoadjuvant therapy and Fast Track designation in combination with crizotinib for metastatic UM.
"This partnership enables IDEAYA and Servier to accelerate the global development for darovasertib across three Phase 3 registrational trials, aiming to improve patient outcomes in the neoadjuvant, adjuvant and metastatic settings," said Yujiro S. Hata, President and CEO of Ideaya Biosciences.
The companies will collaborate on development and share associated costs. Darovasertib is currently being evaluated in multiple global clinical trials, with median progression-free survival data from a Phase 2/3 trial expected between year-end 2025 and Q1 2026.
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