Medivation To Acquire Worldwide Rights To Talazoparib From BioMarin

(RTTNews) - Medivation, Inc. (MDVN) and BioMarin Pharmaceutical Inc. (BMRN) said they have entered into an asset purchase agreement for Medivation to acquire all worldwide rights to talazoparib (formerly referred to as BMN 673), a highly-potent, orally-available poly ADP ribose polymerase or PARP inhibitor.

It is currently in a Phase 3 study for the treatment of patients with deleterious germline BRCA 1 or BRCA 2 mutations and locally advanced and/or metastatic breast cancer.

Under the agreement, Medivation will be responsible for all research, development, regulatory and commercialization activities for all indications on a global basis.

As per the agreement, Medivation will pay BioMarin $410 million upfront, up to an additional $160 million upon the achievement of regulatory and sales-based milestones and mid-single digit royalties for talazoparib.

At the closing of the transaction, Medivation will assume all financial obligations associated with the development and commercialization of talazoparib.

The closing of the transaction is expected in 2015.