ARIAD Pharmaceuticals Inc. said it will receive an upfront cash payment of $50 million and an additional $19 million for expenses as part of a plan to restructure a 2007 collaboration with a unit of Merck & Co. Inc., the pharmaceutical giant.
The collaboration involves ridaforolimus, an ARIAD drug candidate that is a potential cancer treatment, Cambridge-based ARIAD said in a press release.
Under the amended agreement, ARIAD said it has granted Merck an exclusive license to develop, manufacture and commercialize ridaforolimus in oncology, and Merck will assume responsibility for all ridaforolimus activities, including clinical trials and regulatory filings. Both companies had previously shared co-exclusive rights.
ARIAD added that it will be eligible to receive up to $514 million in regulatory and sales milestones based on the successful development and commercialization of ridaforolimus in multiple indications.
To read a Globe story that ran when the collaboration between ARIAD and Merck was announced in 2007, please click here.