On January 20, 2004, New Jersey-based Enzon Inc. and BC-based Inex Pharmaceuticals Corp. announced a strategic partnership to develop and commercialize INEX’s proprietary oncology product Onco TCS. Under the terms of the agreement, Enzon receives the exclusive North American commercialization rights for Onco TCS. INEX received a US$12 million up-front payment and will receive up to US$63.75 million in additional development and sales based milestones. INEX will also receive a percentage of commercial sales of Onco TCS and this percentage will increase as sales reach predetermined thresholds.
Enzon was represented in-house by Gary Smith, vice-president and general counsel; and Peter Cicala, counsel. INEX was represented by in-house counsel Sylvia Messer and Sharon Moon; and by James Hatton of Farris, Vaughan, Wills & Murphy.