UK biotech firm Oxford BioMedica has licensed its leading cancer drug, TroVax, to France's Sanofi-aventis.

Oxford BioMedica will receive an initial payment of 29 million euros (£19.7) and further near-term payments of 19 million euros as milestones linked to an ongoing Phase III trial of the cancer vaccine in renal cancer. The upfront payment will give loss-making Oxford BioMedica funds to develop other experimental treatments in its pipeline.

Sanofi-aventis will pay Oxford BioMedica up to 518 million euros if all development and registration targets are met. Additional payments will be made if regulatory milestones are achieved in other cancer types.

The French firm will fund all future research, development, regulatory and commercialisation activities, including the immediate implementation of a development plan for TroVax in metastatic colorectal cancer. It will be responsible for the global commercialisation of the drug. Oxford BioMedica retains an option to participate in the promotion of TroVax in the US and the EU.

Oxford BioMedica is reported to be focussing on its neurotherapy pipeline, particularly on its gene therapy for Parkinson's disease, ProSavin, which is expected to enter clinical development this year.