ASLAN, Array sign license agreement to develop ARRY-543 for solid tumors

ASLAN Pharmaceuticals Pte Ltd and Array BioPharma Inc. (NASDAQ: ARRY) today announced a license agreement to develop Array's HER2 / EGFR inhibitor, ARRY-543, currently entering Phase 2 development for solid tumors.

Under the agreement, ASLAN will fund and globally develop ARRY-543 through proof of concept, initially targeting patients with gastric cancer through a development program conducted in Asia. Upon achievement of proof of concept, ASLAN will identify a global partner for phase 3 development and commercialization. Array will share a significant portion of the proceeds of such partnering transaction. The agreement also includes an option for the two parties to negotiate to license a second undisclosed compound.

"Array has an established track record generating innovative oncology compounds," said Dr. Carl Firth, CEO of ASLAN. "ARRY-543 is one of the leading drug candidates in this important class and we believe has the potential to transform the way many tumors are treated."

"Our partnership with ASLAN provides a great opportunity to fund and advance the development of ARRY-543," said Robert E. Conway, CEO of Array BioPharma. "ASLAN's creative development strategy of leveraging Asia to conduct clinical development is particularly compelling for ARRY-543 due to the high prevalence of patients with gastric cancer in Asia. ASLAN's oncology team, led by Dr. Alan Barge, provides a rare combination of global and Asian drug development experience."

Source: ASLAN Pharmaceuticals Pte Ltd