Ambit Biosciences Signs $390 Million Deal with Astellas

Ambit Biosciences and Astellas Pharma have agreed to jointly develop and commercialize FLT3 kinase inhibitors in oncology and non-oncology indications. Under the terms of the agreement, Ambit will receive an up-front cash payment of $40 million and will be eligible to receive pre-commercialization payments of up to $350 million. San Diego-based Ambit has raised over $100 million in VC funding, from MedImmune Ventures, OrbiMed Advisors, Radius Ventures, NovaQuest, Horizon Technology Finance, Perseus-Soros Biopharmaceutical Fund, Forward Ventures, Avalon Ventures, Roche Venture Fund, GIMV, Jov-CMDF and Genechem.

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