Roche has acquired from Wilex the rights to an undisclosed cancer drug for as much as $65.8 million.
Wilex desperately needs the money to stay afloat after a year that has seen it rocked by a failed drug trial and a wholesale auctioning of its assets to foreign partners.
It slashed 80 percent of its workforce in January and had its CEO step down shortly thereafter.
It is now attempting to exit the development business, a process that makes today’s news all the more relevant.
Roche will receive exclusive rights to the unnamed cancer target and will expand its relationship with Wilex subsidiary Heidelberg Pharma.
Heidelberg currently handles the out-licensing for Wilex’s proprietary anti-body drug conjugate therapies.
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