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Bayer HealthCareIn April 2009, we entered into a global license agreement with Bayer HealthCare AG to develop and commercialize small-molecule mitogen-activated ERK kinase (MEK) inhibitors, including BAY 86-9766, formerly known as RDEA119, for all indications. In June 2009, Bayer paid us a non-refundable, upfront license fee of $35 million for the development and commercialization rights to our MEK inhibitor program. Remaining payments under the license agreement could total up to $372 million, not including royalties. We will also be eligible to receive low double-digit royalties on worldwide sales of products under the license agreement. BAY 86-9766 has been evaluated in advanced cancer patients with different tumor types as a single agent in a Phase 1 study and is currently being evaluated in combination with sorafenib (Nexavar®; Bayer, Onyx Pharmaceuticals) in a Phase 1/2 study.
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