TELIOS FORMS JOINT VENTURE WITH NORSK HYDROTelios Pharmaceuticals Inc. of San Diego said it formed a jointventure with Norsk Hydro AS (NYSE:NHY) of Norway to developand market wound-healing and therapeutic products in Europe.No financial terms were disclosed.
Norsk Hydro will fund most of Telios Pharma GmbH's initialoperating capital, while Telios will contribute proprietarytechnology and the rights to all of its products to be marketedin Europe. Norsk Hydro will also make an undisclosed equityinvestment in Telios. Norsk has indirectly invested in Telios forseveral years through a venture capital fund,according to SvenArild Andersen, who heads Norsk's biomedical division.
Telios last year started human trials of its first product, Telio-Derm, a treatment for severe burns and chronic sores.
U.S. BIO LICENSES RIGHTS TO HEXALEN IN ASIA
U.S. Bioscience (ASE:UBS) of Blue Bell, Pa., said Tuesday that itagreed in principle to grant Kanebo Ltd. of Japan marketingrights in Asia to USB's Hexalen oral anti-cancer agent foradvanced ovarian cancer. USB plans to market the drug in theUnited States, where Hexalen was approved last month.
NICHOLS COMPLETES MAWD ACQUISITION
Nichols Institute of San Juan Capistrano, Calif., said it completedthe acquisition of MAWD Medical Laboratories of Kansas City,Mo., for $1.74 million in cash, preferred stock and futurepayments. MAWD runs a clinical reference laboratory. Nicholsprovides diagnostic testing in endocrinology, genetics,immunology and other fields.
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