Genentech, Inc., and Inotek Pharmaceuticals Corporation entered into an exclusive global collaboration to discover, develop, manufacture and commercialize inhibitors of poly (ADP-ribose) polymerase (PARP) for the potential treatment of cancer. PARP is a nuclear enzyme within cells that directs the repair of damaged DNA via the activation and recruitment of DNA repair enzymes and has applications for the treatment of oncology and cardiovascular conditions.

"We are looking forward to working together with Inotek, a leader in the field of PARP inhibition, to pursue products that may make an impact in the treatment of patients with serious diseases including cancer," said Hal Barron, M.D., senior vice president, Development and chief medical officer for Genentech. "PARP inhibition represents an exciting field of biology and we are intrigued by the potential of this novel mechanism to address unmet medical needs in oncology and acute cardiovascular conditions."

Under the terms of the agreement, Genentech will make an upfront payment of $20 million to Inotek, with the potential for up to $405 million in additional milestone payments based upon the successful completion of various clinical development and regulatory events across multiple cancer indications in multiple areas of the world. Genentech will pay Inotek royalties based on the net amount of any sales of Inotek's lead PARP Inhibitor, INO-1001, or other next-generation PARP inhibitors in the field of cancer. Genentech will also provide funding to utilize Inotek's small molecule chemistry expertise as part of a multi-year collaborative research programme and will pay for all future clinical development costs of INO-1001 and subsequent PARP inhibitors in cancer.

Additionally, Genentech has retained an option to develop and commercialize Inotek's PARP inhibitors to prevent cell death and complications associated with various acute cardiovascular conditions and procedures. The option is associated with an additional fee as well as development and other milestone payments. In total, the option, if exercised by Genentech, could be worth as much as $200 million in additional payments to Inotek if development, regulatory and net sales milestones are attained in multiple acute cardiovascular indications in various parts of the world. Inotek has retained an option to co-promote PARP inhibitors in the acute cardiovascular field in the United States with Genentech.

Inotek has retained all rights to develop and commercialize PARP inhibitors outside of cancer and the specific acute cardiovascular diseases included in Genentech's option. "We are thrilled that Genentech has taken such a significant interest in our company and our PARP Inhibitor Programme," said Dr. Andrew Salzman, Inotek's President and CEO. "As a collaborator in oncology, they are unrivaled. We have built a strong expertise and reputation in small molecule drug discovery as well as a deep pipeline of novel PARP inhibitors. We believe that these capabilities and assets combined with Genentech's proven experience and success in oncology drug development and commercialization will create a powerful collaboration for years to come."