Medivation paying more than $400 million for rights to BioMarin's potential cancer drug

Associated Press

Medivation Inc. is buying worldwide rights to BioMarin Pharmaceutical Inc.'s potential cancer treatment talazoparib for more than $400 million.

San Francisco-based Medivation will pay $410 million upfront and up to $160 million in future milestone and royalty payments for the experimental drug, which is being developed as a treatment for breast cancer. The biotechnology company will be responsible for all development and commercialization costs.

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San Rafael, California-based BioMarin focuses mainly on developing treatments for rare medical conditions. The company said the move to sell rights to the drug candidate will allow it to devote resources to those areas of expertise.

The deal is expected to close in 2015.