Bristol-Myers, AstraZeneca in drug pact |
|
|
|
Published
:
Thu, 11 Jan 2007 13:59
|
PRINCETON, N.J. (AFX) - Drug maker Bristol-Myers Squibb Co. and AstraZeneca PLC said Thursday they are teaming up to develop and market two Type 2 diabetes treatments, saxagliptin and dapagliflozin, that were discovered by Bristol-Myers.Under terms of the deal, AstraZeneca will make a $100 million upfront payment to Bristol-Myers, which also stands to earn up to $650 million in development and regulatory milestone payments, plus sales milestones of up to $300 million per product.AstraZeneca will help Bristol-Myers bring both compounds 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 costs of sales and profits will be split equally. Bristol-Myers will make both drugs and book sales.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Astrazeneca to pay Bristol-Myers up to 1.35 bln usd for diabetes drug deal 