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Jazz Pharmaceuticals, Codiak BioSciences partner to develop cancer drugs

Jazz Pharmaceuticals PLC said it entered a collaboration with privately held Codiak Biosciences Inc. to develop up to five classes of cancer therapies.

Cambridge, Mass.-based Codiak granted Jazz an exclusive, worldwide license to commercialize therapies directed at five targets to be developed using its exosomes-based technology.

Exosomes are structures released by the cells that are shown to carry molecular messages between tumor and immune cells and can be a key to treat cancer.

Under the deal, Dublin-based Jazz Pharmaceuticals will pay Codiak $56 million up front plus up to $200 million in milestones for each of five targets. The deal also includes additional payments of preclinical development milestones of up to $20 million along with royalties on future net sales.

Codiak, which will handle the early-stage development of the drugs, will also retain an option to co-commercialize up to two products in the U.S. and Canada.

After the completion of phase 1/2 studies by Codiak, Jazz will be responsible for developing and commercializing all the products.