CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On December 30, 2016, CymaBay Therapeutics, Inc. (the “Company”) entered into a definitive Exclusive License Agreement (the “License Agreement”) with Kowa Pharmaceuticals America, Inc. (“Kowa”). to the License Agreement, the Company granted to Kowa an exclusive license to certain patent rights and technology related to arhalofenate. Kowa will have exclusive rights to, among other things, develop, use, manufacture, sell and otherwise exploit the licensed technology in the United States (including all possessions and territories). Under the License Agreement, Kowa has agreed to pay the Company an up-front payment of $5 million, potential milestone payments of $10 million based on the initiation of specific development activities, potential milestone payments of $190 million upon the achievement of specified development and sales milestones, and a specified percentage of net sales of products produced from the licensed technology.
The foregoing is only a summary description of the terms of the License Agreement, does not purport to be complete and is qualified in its entirety by reference to the License Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
About CymaBay Therapeutics, Inc. (NASDAQ:CBAY)
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing therapies to treat metabolic diseases, including serious rare and orphan diseases. The Company’s product candidates include Arhalofenate, MBX-8025 and MBX-2982. Arhalofenate is used to treat gout. MBX-8025 is a selective agonist for the peroxisome proliferator-activated receptor delta (PPARd). The Company has completed over five Phase I clinical studies and a Phase II clinical study for MBX-8025. MBX-2982 is an oral, G-protein coupled receptor agonist being evaluated as a therapeutic agent for patients with Type 2 diabetes (T2DM), with a dual mechanism, including direct effects and indirect effects mediated by gastrointestinal hormones known as incretins on glucose-dependent insulin secretion, as well as potentially beneficial effects on islet health. The Company has completed over four Phase I clinical studies and a Phase II clinical study for MBX-2982. CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Recent Trading Information
CymaBay Therapeutics, Inc. (NASDAQ:CBAY) closed its last trading session up +0.10 at 2.40 with 8,704,142 shares trading hands.