November 9, 2015
California-based Ignyta, Inc., a precision oncology biotechnology company, has announced the exclusive license of worldwide rights relating to Eli Lilly and Company's taladegib oncology development program in exchange for an upfront payment of $2.0 million in cash and the issuance to Lilly of approximately 1.2 million shares of Ignyta's common stock. The license agreement also includes development and sales milestones. Concurrently with the license, Ignyta entered into a stock purchase agreement with Lilly under which Lilly will purchase a further 1.5 million shares of Ignyta common stock at a price of $20 per share in a private placement. Latham & Watkins LLP represents Igntya in the transactions with a corporate team led by partners Cheston Larson and Steven Chinowsky, with counsel Darryl Steensma and associate Christopher Geissinger, in the firm’s San Diego office.