OBI Pharma Inc. agreed to acquire Threshold Pharmaceuticals Inc.'s TH-3424, a pro-drug that selectively targets cancers overexpressing the enzyme aldo-keto reductase 1c3, for an undisclosed upfront one-time payment.
No further payments or future royalties are required.
Threshold will transfer its ownership rights and preclinical and manufacturing data for the treatment to OBI Pharma, along with its global intellectual property, commercial, developmental and manufacturing rights, except in certain specified countries in Asia.
Following the agreement, the product has been renamed OBI-3424.
OBI Pharma intends to accelerate the treatment's development and plans to submit an investigational new drug application with the U.S. Food and Drug Administration in early 2018.
OBI-3424 is being evaluated as a potential treatment of liver cancer, castration-resistant prostate cancer, T-cell acute lymphoblastic leukemias and other cancers expressing high levels of aldo-keto reductase family 1 member C3.