Business Daily from THE HINDU group of publications
Tuesday, Nov 06, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 06, 2007 ePaper | Mobile/PDA Version |
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Corporate
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Alliances & Joint Ventures Advinus reaches first goal for Merck Our Bureau Bangalore, Nov. 5 Drug discovery services company Advinus Therapeutics Ltd has announced that it has reached the first milestone of its collaboration with Merck & co, Inc. The companies have been working together since November 2006 to develop drug candidates for two metabolic disorders – diabetes and obesity. Merck has the right to take the most promising candidate into late-stage clinical trials. Advinus will receive from Merck milestone payments of around $74.5 million (around Rs 298 crore) per target and will also benefit from royalties on the sales of any products that come out of the tie-up. Dr Rashmi Barbhaiya, CEO of the year-old company co-promoted by the Tata group, said, “This milestone was achieved three months ahead of schedule. It is a testimony that novel drug discovery is the wave of the future for India.” "Metabolic disorders continue to be an important focus for Merck," said Dr. Samuel Wright, Vice President Worldwide Cardiovascular Basic Research, Merck Research Laboratories. "The achievement of this milestone provides strong validation of our decision to collaborate with Advinus, one of India’s leading drug discovery/development companies." Advinus, with a discovery arm in Pune and development arm in Bangalore, focusses on metabolic diseases, inflammation and neglected diseases. More Stories on : Alliances & Joint Ventures | Pharmaceuticals
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