Inex Pharmaceuticals Forms Joint Venture with Elan Corp. and Enters Funding Agreements ($67.5 million)

On April 27, 2001, Inex Pharmaceuticals Corporation (Vancouver, B.C.) and Elan Corporation, plc. (Dublin, Ireland), through their affiliates, formed a joint venture company for the development and commercialization of Inex’s lead product, Onco TCS. Onco TCS is now being evaluated in human clinical trials as a treatment for a number of cancers. Inex and Elan both contributed assets to the joint venture company, which is incorporated in Barbados, including worldwide rights to Onco TCS and complimentary intellectual property. Inex can receive from Elan up to $60 million in funding related to the joint venture. Inex and Elan will share equally in the profits earned from the commercialization of Onco TCS.

Inex was represented by a team from Lang Michener’s Vancouver office consisting of Leo Raffin (corporate and securities), Richard Bennett (tax), John Morrison (banking) and Jeff Sheremeta (corporate). Hugh Gillespie of Appleby Spurling & Kempe, Bermuda, also advised Inex. Elan was represented by John Watkins and Kim Lefkowitz of Reitler brown LLP, New York, on corporate matters and by Michael Slapo of Cohen Tauber Spievack & Wagner LLP, New York, on intellectual property matters.