On April 19, 2007, Antisoma Plc announced that it had signed an exclusive global licensing agreement with Novartis for its vascular disrupting agent (DMXAA). Antisoma will receive near-term payments of US$100 million, of which US$75 million will be paid immediately and a further US$25 million when AS1404 enters a phase III trial in lung cancer. Antisoma will be eligible for total upfront, development, regulatory and sales-related milestone payments of up to US$890 million, contingent upon successful development and marketing of AS1404 in multiple indications, launch of back-up products in multiple indications, and achievement of sales milestones. Furthermore, if AS1404 is approved and commercialised, Antisoma will receive royalties on AS1404 sales and will have an option to co-commercialise AS1404 in the United States.

Gary Howes of Fasken Martineau represented Antisoma in this matter.