Biotech-Big Pharma Collaborations: Modified And Terminated Agreements, Oct. 21 - Dec. 15, 2004#
I. MODIFIED AGREEMENTS | |||
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Biotech Co.* (Country; Symbol) | Pharma Co. (Country) | Change from original agreement | Terms/Details (Date) |
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Advancis Pharmaceutical Corp. (AVNC) | Par Pharmaceutical Inc. | They added a pulsatile version of a combination amoxicillin/clavulanate product to their existing collaboration | They were developing only an amoxicillin product; the target for both is ear infections; Par will continue to fund development and they would split profits equally (12/14) |
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Discovery Laboratories Inc. (DSCO) | Laboratorios del Dr. Esteve SA (Spain) | Discovery regained full rights to its surfactant replacement therapies in certain markets in Europe and Latin America | Esteve will focus on Southern European markets and gained rights to a broader portfolio of Discovery's potential SRT products; Esteve gets 500,000 Discovery shares and up to $20M in payments from new deals Discovery may make (12/7) |
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Epigenomics AG (Germany; FSE:ECX) | F. Hoffmann-La Roche Ltd. (Switzerland) | They amended agreement focused on developing diagnostics for cancer | Epigenomics can earn |2M more in the expansion, under which it will increase the number of blood or tissue samples studied (12/2) |
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Inyx Inc. (OTC BB:IYXI) | Stiefel Laboratories Inc. | They expanded contract to increase the products Inyx will develop for Stiefel, and the scope of marketing Stiefel will conduct for the products | A five-year contract signed in 2003 now includes a product in Phase II development; terms of the deal focused on dermatology products were not disclosed (11/8) |
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Ligand Pharmaceuticals Inc. (LGND) | Eli Lilly and Co. | They restructured the royalty rate Ligand pays on the marketed cancer drug Ontak | Ligand has options to pay $33M to reduce the royalty rate; Lilly has a similar option, for $37M (11/9) |
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Ligand Pharmaceuticals Inc. (LGND) | Royalty Pharma Management LLC | They revised the royalty agreement on three selective estrogen receptor modulators in late-stage development | Royalty Pharma will pay $32.5M for another 1.625% of net sales, accelerating an option it had; the new royalty rate is 3.0125% of sales on each product for the first 10 years (11/9) |
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Peptech Ltd. (Australia; ASX:PTD) | Johnson & Johnson | Peptech and J&J unit Centocor Inc. resolved legal disputes related to sales of Remicade | They settled a license dispute centered on antibodies to tumor necrosis factor-alpha; terms were not disclosed (11/15) |
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Sangamo BioSciences Inc. (SGMO) | LifeScan Inc. (unit of Johnson & Johnson) | Their existing deal was expanded to include additional gene targets in diabetes | LifeScan gets additional access to zinc finger DNA-binding proteins for developing therapeutic cell lines; terms were not disclosed (12/15) |
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II. TERMINATED AGREEMENTS | |||
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Discovery Laboratories Inc. (DSCO) | Quintiles Transnational Corp. | They terminated December 2001 deal for the commercialization of Surfaxin in the U.S. | Quintiles, which would have provided seven years of sales services and received 10 years of commissions, gets 850,000 warrants to purchase Discovery stock at $7.19 per share (11/4) |
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Genta Inc. (GNTA) | Aventis SA (France) | Aventis ended their deal for development of the cancer drug Genasense | The decision followed results of a Phase III trial showing the product failed to meet secondary endpoints; Genta plans to continue development (11/8) |
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NitroMed Inc. (NTMD) | Merck & Co. Inc. | They ended a deal to develop nitric oxide-enhancing COX-2 inhibitors | Merck will pay $1.8M to cover research costs still owed, bringing the total paid to $27.2M; NitroMed intends to find another partner (11/8) |
Notes: | |||
# The information in the chart does not cover agreements between biotech companies or agricultural agreements. | |||
* Private companies are indicated with an asterisk. | |||
Unless otherwise noted, stock symbols listed are on the Nasdaq market. | |||
ASX = Australian Stock Exchange; FSE = Frankfurt Stock Exchange; OTC BB = Over-the-Counter Bulletin Board. |