Pharmacyclics, Inc. (Nasdaq: PCYC), announced that it has entered into a worldwide collaboration with Janssen Biotech, Inc., one of the Janssen Pharmaceutical Companies of Johnson & Johnson (NYSE: JNJ), to develop and commercialize PCI-32765, a novel, oral, first-in-class Bruton's tyrosine kinase (Btk) inhibitor being developed for the treatment of Non Hodgkin's Lymphoma, Chronic Lymphocytic Leukemia and Multiple Myeloma, all of which are considered hematological malignancies. PCI-32765 was developed by Pharmacyclics and is currently in Phase II clinical trials.

Under the terms of the agreement, Pharmacyclics will receive an upfront payment of $150 million. In addition, Pharmacyclics will receive up to an additional $825 million in development and regulatory milestone payments, based upon continued development, regulatory progress and approval of the product, for total potential upfront and milestone payments of $975 million.

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