Genentech, Idec deal

GNE will provide $9 million upfront in preferred equity and licensing fees, $17.5 million in additional equity funding prior to U.S. approval, and up to $30.5 million in milestone and option payments. The initial $5 million preferred stock investment will be at $5 per common stock equivalent share. Pricing of subsequent equity purchases will be based on future stock prices.

The companies will co-promote C2B8 in the U.S. and Canada, with IDPH receiving a minority share of the profits. GNE (South San Francisco) retains rights elsewhere except Asia, where it has certain option rights. IDPH will receive royalties on sales outside the U.S. and Canada. ...