Pfizer, Bristol-Myers finalize deal |
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Mon, 27 Aug 2007 13:13
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NEW YORK (AP) - Pfizer Inc. and Bristol-Myers Squibb Co. said Monday they finalized an agreement to develop and make treatments for metabolic disorders, including diabetes and obesity.The agreement was first announced April 26. Pfizer is responsible for all research and development activities and the companies will jointly conduct Phase III clinical trials and will partner on selling the products. The agreement includes a $50 million upfront payment from Bristol-Myers and it will assume 40 percent of the development costs and commercial expenses.The companies are also working together to develop and sell Apixaban, a thromboembolism drug candidate.Shares of New York-based Pfizer rose 3 cents to $24.77 in premarket trading. The stock closed at $24.74 Friday. Shares of New York-based Bristol-Myers closed Friday at $29.55.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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