Financial Daily from THE HINDU group of publications
Thursday, Jun 24, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 24, 2004 |
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Corporate
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Announcements Ranbaxy gets milestone payment from Schwarz for prostrate drug Our Bureau
Mumbai , June 23 RANBAXY Laboratories Ltd said on Wednesday that it had received its first milestone payment of $4 million from Germany's Schwarz Pharma AG, for a prostrate drug that the company had licensed out to it. The two companies had inked a licensing pact about two years ago, for the development of Ranbaxy's New Chemical Entity (NCE) RBx 2258, indicated for the treatment of Benign Prostate Hyperplasia (BPH). Schwarz Pharma completed Phase-I clinical trials of RBx 2258 in Europe and the molecule was now moving into Phase-II trials in Europe and South Africa, a Ranbaxy communication said. In India, the compound RBx-2258 is currently progressing well in clinical Phase-II trials. In the event of successful development, Schwarz Pharma would pay Ranbaxy a total of $42 million over the next five to six years, including an upfront payment of $6.3 million, followed by royalties on commercialisation — Ranbaxy had said when the deal was signed. The June 2002 agreement envisages that Schwarz Pharma hold exclusive rights to develop, market and distribute the product in the US, Japan and Europe. Ranbaxy, on the other hand, retained rights to all the other markets. Besides, the company also held the rights to manufacture and supply finished formulations of the product to Schwarz Pharma, the communication said. The compound (Schwarz Pharma code: SPM 969) is an uro-selective alpha-blocker, which has patent protection until 2018. The aim is to develop a once-a-day formulation with rapid relief of symptoms, especially an improved efficacy on LUTS (lower urinary tract symptoms).
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