On January 19, 2023 Repare Therapeutics Inc. ("Repare" or the "Company") (Nasdaq: RPTX), a leading clinical-stage precision oncology company, reported that the Company has received an approximately $1.5 million (¥200 million) research service payment from Ono Pharmaceutical Co., Ltd. ("Ono") (Press release, Repare Therapeutics, JAN 19, 2023, View Source [SID1234626410]). The payment reflects achievement of a specified research trigger, under the companies’ 2019 Strategic Partnership Agreement ("Ono Agreement"). Under the terms of the Ono Agreement, Repare is primarily responsible for carrying out research activities for its Polθ program, now known as RP-2119, until the first submission of an IND in the U.S. or Japan. "This reflects an important milestone in our RP-2119 Polθ program, as we undertake our IND-enabling studies and prepare for our previously guided initiation of clinical trials in the summer of 2023," said Kim A. Seth, Chief Business Officer of Repare.
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Ono Strategic Partnership Agreement
In January 2019, Repare entered into an exclusive strategic research, development and commercialization partnership with ONO Pharmaceutical Co., Ltd., for Repare’s small molecule Polθ inhibitor program, now known as RP-2119, in Japan, South Korea, Taiwan, Hong Kong, Macau and ASEAN countries, excluding mainland China. Repare retains all rights to develop and commercialize the products outside the ONO territory, including the US, Canada and EU. Under the terms of the Ono Agreement, Ono paid Repare approximately $8.1 million, comprised of an initial upfront fee and research service payments, and agreed to make additional research service payments upon (i) certain specified research triggers and (ii) the election by Ono to collaborate on the development and commercialization of a proposed product candidate. In October 2021, upon the occurrence of a specified research trigger, Repare became eligible to receive a portion, amounting to ¥100 million ($0.9 million), of the research service payments.