Denmark's Zealand Pharma has licensed out the worldwide rights--outside of the Nordic countries--to an early-stage compound targeting chemotherapy-induced diarrhea. Helsinn gained the marketing rights to the drug as part of a package of fees and milestones worth up to $177 million. The developers did not break down how much Zealand gains up front.
ZP1846 is a glucagon-like peptide-2 receptor agonist which has completed Phase I testing in the U.S. And BioWorld notes that Zealand has stayed on a steady financial footing even as a host of other developers in Europe are experiencing extreme turbulence. Zealand reportedly has funds to continue operations into 2010. Zealand has a separate development pact underway with Wyeth.
- here's the release
- check out the report from BioWorld