BOSTON, July 26, 2006 – Inotek announced that they have granted Genentech (NYSE: DNA) an exclusive global license to poly(ADP-ribose) polymerase (PARP) inhibitors to treat cancer. DNA also will provide funding to use Inotek's small molecule chemistry expertise and pay for all future clinical development costs of PARP inhibitors for cancer. The transaction's potential total value, following $20 million up front and over $600 million in milestones, is $625 million. Inotek holds an option to co-promote PARP inhibitors for acute cardiovascular indications in the U.S. and retains rights to develop and commercialize the inhibitors outside of cancer and the cardiovascular indications included in the option.
Goodwin Procter partners Mitchell Bloom and Kingsley Taft along with associate Shaun Ryan represented Inotek in this matter.