Medivation recognizes the importance of collaborations to maximize the global potential of our product candidates.

In October 2009, Medivation announced a global agreement with Astellas Pharma Inc. to develop and commercialize enzalutamide (formerly MDV3100). Under the terms of the agreement, we received an up-front cash payment of $110 million and are eligible to receive payments of up to $335 million upon the attainment of development and regulatory milestones plus up to an additional $320 million in commercial milestone payments. We will collaborate on a comprehensive development program that will include additional studies to develop enzalutamide for both late- and early-stage prostate cancer and for breast cancer. We will jointly commercialize enzalutamide in the U.S. and share equally all U.S. development costs, commercialization costs, and profits.

Astellas will have responsibility for developing and commercializing enzalutamide outside the U.S. and will pay us a tiered royalty ranging from the low teens to the low twenties on any aggregate net sales of XTANDI outside the United States.