Cephalon is paying Ambit to access Ambit's Kinome Scan and initiate and advance 2 novel kinase programs. $18M paid up front, $232M in potential milestones, spread across 2 programs, beginning at time zero (discovery, as the targets appear to have been selected already.)
Simple math says average $9M upfront and $116M in potential milestones per program, though it's probably safe to assume that ~$2M-$5M in cash is to cover Ambit's contract screening. The result is a slightly below market bounty per program for Ambit, but this could easily be offset by a contribution of effort by Cephalon to the development of the 2 programs.
Monday, November 06, 2006
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