Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events.

Subsequent Events

13. Subsequent Event

On July 27, 2017, the Company entered into an exclusive license agreement with Millennium Pharmaceuticals, Inc. a wholly-owned subsidiary of Takeda Pharmaceutical Company Limited, or Takeda.  Pursuant to the agreement, the Company granted Takeda licenses under certain patent rights and know-how relating to niraparib to develop and commercialize niraparib for the treatment of all tumor types in Japan, and all tumor types excluding prostate cancer in South Korea, Taiwan, Russia and Australia.

The Company will receive a $100 million up-front payment within ten (10) days of executing the agreement and is eligible to receive additional milestone payments of up to $240 million related to the achievement of certain development and commercial goals. The Company will also be eligible to receive tiered royalties from Takeda based on percentages of net product sales ranging from the high teens to low thirties. Takeda is responsible for conducting and funding all development and commercialization of niraparib in the licensed territories, including research, development, regulatory and commercialization activities.

Unless earlier terminated, the license agreement will continue in effect until the date on which the royalty term and all payment obligations with respect to all products in all countries have expired.