June 2011, Clovis Oncology ($CLVS @ClovisOncology) entered into a license agreement with Pfizer ($PFE @Pfizer) to obtain exclusive global rights to develop and commercialize rucaparib. The rights are exclusive even as to Pfizer and include the right to grant sublicenses.

Upfront Payment $7.0MM

Milestone 1 $0.4MM, April 2014, for the initiation of ARIEL3 pivotal registration study

Milestone 2.0 $88.5MM for clinical study objectives and regulatory filings, acceptances and approvals

Milestone 2.1 $20.75MM associated with the first approval of NDA (inclusive of $88.5MM value)


  • Tiered royalties at a mid-teen percentage rate on net sales; standard provisions for royalty offsets to the extent there is a need to obtain any rights from third parties to commercialize
  • Sales milestone payments if specified annual sales targets for rucaparib are met ($500MM and above) which, in the aggregate, could amount to total payments of $170MM