Anacor Pharmaceuticals will pocket an initial $50 million and up to $575 million in milestones in a licensing deal with Schering-Plough involving an experimental fungal therapy. Palo Alto, CA-based Anacor gets a $40 million upfront fee and a $10 million financing commitment for the pact regarding AN2690. Schering-Plough takes over the development of the drug, now in Phase II, while Anacor retains the right to co-promote the therapy in the U.S. to dermatologists.
"The co-promote option gives Anacor the opportunity to build a fully-integrated pharmaceutical company in the future," said David Perry, CEO of Anacor.
- here's the release [1] on the licensing deal
Related Articles:
Schering-Plough's turnaround plan may include buyouts. Report [2]
Schering-Plough licenses hepatitis B drug. Report [3]
Schering-Plough touts potential of new drug. Report [4]
Links:
[1] http://www.fiercebiotech.com/node/5496
[2] http://www.fiercebiotech.com/story/schering-plough-s-turnaround-plan-may-include-buyouts/2006-08-02
[3] http://www.fiercebiotech.com/story/schering-plough-licenses-hepatitis-b-drug/2006-12-14
[4] http://www.fiercebiotech.com/story/spotlight-schering-plough-touts-potential-of-new-drug/2007-01-09