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Rafael, Ono ink licensing deal
August 2019
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CRANBURY, N.J.—Rafael Pharmaceuticals Inc. and Ono Pharmaceutical Co. Ltd. have struck an out-licensing agreement to develop and commercialize CPI-613 (devimistat), Rafael’s first-in-class clinical lead compound, and other related compounds. Per the agreement, Ono will pay Rafael an upfront payment of roughly $12.9 million, with the potential for up to an additional $150.3 million if certain development and commercial milestones are met. Rafael also stands to receive low-double digit royalties based on net sales of any resulting products in Japan, South Korea, Taiwan and ASEAN (Association of Southeast Asian Nations) countries. In return, Ono will have exclusive development and commercialization rights for the products for all indications in its territory, while Rafael holds exclusive rights to develop and commercialize the products outside of Ono’s territory.

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