Amgen, Kite Pharma ink deal to develop cancer immunotherapies

(Reuters) - Amgen Inc and Kite Pharma Inc said they entered into a deal to develop and market cancer immunotherapies using Amgen's cancer targets and Kite's technology platform. Amgen will pay Kite Pharma $60 million upfront and fund research costs through the filing of a new drug application. After that each company will conduct and fund trials for their therapeutic candidates, they said in a joint statement. Kite will be eligible to receive up to $525 million per Amgen program based on the successful completion of regulatory and sales milestones, plus royalties on sales and payments for licensing its technology. Amgen is also eligible to get up to $525 million per Kite program, plus sales royalties. (Reporting by Rosmi Shaji in Bengaluru; Editing by Savio D'Souza)