SAN DIEGO, Jan. 29, 2013 /PRNewswire/ -- Afraxis, Inc. today announced that it has entered into a global licensing agreement with Genentech, a member of the Roche Group (SIX: RO, ROG;OTCQX: RHHBY), to develop compounds for an undisclosed novel target. Under the terms of the agreement, Genentech will have exclusive, worldwide rights to develop and commercialize Afraxis' proprietary compounds. Afraxis is eligible to receive upfront, research, development and commercialization milestone payments, together totaling up to $187.5 million. Full financial terms have not been disclosed.
"Afraxis has secured this relationship with Genentech only five years after founding the company as part of Avalon's life sciences portfolio," said Jay Lichter, Ph.D., president and CEO of Afraxis, and managing partner of Avalon Ventures. "Avalon's approach to investing in companies at the earliest stages and staying actively involved in company management is proving to be a successful strategy for life science investing."
About Afraxis, Inc.
Afraxis, Inc. is a San Diego-based biotechnology company fully funded by Avalon Ventures.
For more information visit the Afraxis Web site: www.afraxis.com
SOURCE Afraxis, Inc.