27 décembre, 2006 15:56
Bristol-Myers Licenses Drug to Otsuka
Associated Press 12.27.06, 8:08 AM ET
Drug maker Bristol-Myers Squibb Co. said Wednesday it granted an exclusive license to Otsuka Pharmaceutical Co. to develop and sell a new diabetes treatment candidate in Japan.
Under terms of the agreement, Bristol-Myers received an upfront payment from Otsuka and will receive payments based on regulatory milestones and sales of the drug, saxagliptin. Otsuka will be responsible for development costs in Japan. Specific dollar amounts were not disclosed.
Saxagliptin is a new class of drugs called dipeptidyl peptidase-4 inhibitors, which prolong the action of certain hormones in the body, resulting in higher insulin production and lower blood sugar.
Bristol-Myers discovered the drug, which is currently in late-stage clinical trials in the United States and Europe.
The agreement builds upon other partnerships between the companies. Otsuka currently licenses the anti-psychotic treatment Abilify to Bristol-Myers. Otsuka discovered the drug, and Bristol-Myers gained U.S. approval in 2002.
Bristol-Myers shares closed at $26.06 Tuesday on the New York Stock Exchange.
