Toronto-based Transition Therapeutics has licensed out an Alzheimer's drug candidate to Elan for $15 million in guaranteed payments and up to $185 million in milestone paydays. Transition will get $7.5 million this year and the same next year. The pact covers AZD-103, which is in Phase II. The drug is intended to break down beta amlyoid fibrils, a common characteristic of Alzheimer's. The companies will share the costs and the profits from any approved product. Elan already has an Alzheimer's program working with Wyeth.
"The AZD-103 program represents a significant addition to our scientific portfolio and continues to reinforce our commitment and leadership in bringing more therapeutic choice to patients and their caregivers suffering from Alzheimer's around the world," said Kelly Martin, CEO of Elan.
- here's a report [1] on the deal from The Globe and Mail
Links:
[1] http://www.theglobeandmail.com/servlet/story/RTGAM.20060927.wtransition0927/BNStory/Business/home