Genentech to Acquire Rights to Inotek Drugs
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Genentech Inc. agreed to pay as much as $605 million to Inotek Pharmaceuticals Corp. for rights to experimental cancer and heart drugs designed to help repair DNA.
Closely held Inotek, based in Beverly, Mass., will receive $20 million upfront and as much as $405 million in additional payments for rights to the compound INO-1001 and related drugs, Genentech said. Genentech also obtained an option worth as much as $200 million for using the treatment on heart conditions.
Shares of South San Francisco-based Genentech rose $1.64, or 2%, to $82.01.
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