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Yakult agrees to develop Verastem's cancer drug in Japan

Japanese food, beverage and pharmaceutical company Yakult Honsha Co. Ltd. agreed to develop and commercialize Verastem Inc.'s cancer drug duvelisib for use in Japan, the U.S.-based biotechnology company said in a June 5 release.

As part of the exclusive licensing agreement, Yakult will release a one-time up-front payment of $10 million to Verastem, plus an additional $90 million in milestone payments, in exchange for rights to commercialize and develop duvelisib in the country.

The drug developer, headquartered in Needham, Mass., will also receive double-digit royalties dependent on future net sales of Verastem's duvelisib therapy in Japan, as well as reserve all the rights to the drug outside the country.

The U.S. Food and Drug Administration recently granted Verastem priority review for its application of duvelisib with a target action date of Oct. 5.