Danish pharmaceutical company Novo Nordisk A/S agreed to pay $4million over two years for access to Houghten Pharmaceuticals Inc.'scombinatorial chemistry libraries to screen for potential drugs fordiabetes and osteoporosis.
Houghten, of San Diego, also will receive milestone payments forcompounds Novo Nordisk takes into development and royalties onmarketed products. The agreement gives Novo Nordisk, ofBagsvaerd, Denmark, non-exclusive access to Houghten's libraries.
Novo Nordisk officials did not identify molecular targets involved inthe screening.
The Novo Nordisk agreement is one of several drug discoverycollaborations for Houghten, which last week registered for an initialpublic offering.
Houghten, a combinatorial chemistry company, is selling 3 millionshares in a projected range of $11 to $13 to raise about $36 million.(See BioWorld Today, Feb. 16, 1996, p. 1.) _ Charles Craig
(c) 1997 American Health Consultants. All rights reserved.