ParfumGigi@aol.com
15 janvier, 2007 18:53
Bristol-Myers, AstraZeneca in Drug Pact
Associated Press 01.11.07, 8:54 AM ET
The drugmakers Bristol-Myers Squibb Co. and AstraZeneca PLC said Thursday they are teaming up to develop and market two diabetes treatments that were discovered by Bristol-Myers.
Under terms of the deal, AstraZeneca (nyse: AZN - news - people ) will make a $100 million upfront payment to New York-based Bristol-Myers, which also stands to earn up to $650 million more depending on meeting development and regulatory milestones, plus up to $300 million per product if sales goals are met.
Britain's AstraZeneca will help Bristol-Myers bring both Type 2 compounds, saxagliptin and dapagliflozin, to market, with AstraZeneca shouldering most development costs through 2009, with additional expenses being shared equally. The companies plan to file a marketing application with the Food and Drug Administration in the first half of 2008.
The deal covers markets worldwide, except in Japan, where Bristol-Myers granted an exclusive license to Otsuka Pharmaceutical Co. for saxagliptin in December.
Saxagliptin is currently in late-stage clinical trials and dapagliflozin is in mid-stage clinical development. Should either company decide to develop similar compounds, the other company can include those drugs in the partnership.
Global marketing costs and profits will be split equally. Bristol-Myers will make both drugs and book sales.
