Madrigal Pharmaceuticals, Inc. Announces Exclusive Worldwide License Agreement With Tarveda Therapeutics, Inc.

Madrigal Pharmaceuticals, Inc.

On September 19, 2016, Stradling client Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) announced an exclusive worldwide license agreement providing Tarveda Therapeutics, Inc. rights for the discovery, development and commercialization by Tarveda of products based on Madrigal’s HSP90 Drug Conjugate program, including the lead clinical candidate, PEN-866. Under the terms of the agreement, Madrigal will receive an upfront payment and is eligible to receive up to an aggregate of $163 million of contingent payments based upon the achievement of specified development, regulatory and sales milestones related to the first HSP90 drug conjugate product developed under the agreement, and lesser amounts on subsequent products. Madrigal is also eligible to receive a tiered, single-digit royalty based on future worldwide sales of HSP90 drug conjugate products. Read the press release.

Madrigal is a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapeutic candidates for the treatment of cardiovascular, metabolic and liver diseases. HSP90 drug conjugates are designed to increase cancer cell killing while reducing collateral damage to normal cells and overcome the challenges of current chemotherapies and other payloads, which are commonly limited by insufficient drug exposure in the tumor and/or systemic toxicities.

The Newport Beach-based team representing Madrigal was led by Larry Cohn.