Fenwick & West LLP represented Loxo Oncology, Inc., a biopharmaceutical company recently established and funded by Aisling Capital, in a multi-year license and collaboration agreement with Array BioPharma (NASDAQ: ARRY) for an Array-invented preclinical development candidate and related intellectual property. In addition, Loxo and Array will collaborate to discover and develop small molecule drugs for mutually agreed upon novel oncology targets. Under terms of this agreement, Loxo will fund Array's preclinical research, providing access to Array's world-class discovery platform and scientists, and will be responsible for target selection and conducting clinical trials. Array is eligible to receive up to $434 million in milestone payments and to receive royalties on sales of any resulting drugs.
Fenwick also represented Loxo in its $33 million Series A financing, with participation from founding investor Aisling Capital and new investor OrbiMed Advisors LLC. Additionally, Loxo announced the formation of its Board of Directors which includes Steven Elms and Dov Goldstein, M.D., managing partner and partner at Aisling Capital, respectively; David Bonita, M.D., private equity partner at OrbiMed Advisors; and Keith Flaherty, M.D., director of the Henri and Belinda Termeer Center for Targeted Therapies at Massachusetts General Hospital. Loxo also appointed four new members to its Scientific Advisory Board, which is comprised of nationally-recognized physicians and scientists chosen to provide critical advice and expertise to the company around rational target selection, product profile definition and clinical development strategy.
The Fenwick transaction team for the collaboration with Array included partners Matthew Rossiter, Effie Toshav, Jake Handy; and associate Malcolm Katz. The Fenwick Transaction team for the Series A financing included partners Effie Toshav and Matthew Rossiter; and associates Malcolm Katz and Julia Forbess.
More information about Loxo Oncology’s license and collaboration agreement with Array Biopharma is available through the announcement on Array Biopharma’s website.