Alexza Pharmaceuticals is scooping up a $40 million upfront payment and stands to earn $90 million in milestones after shaking hands with Biovail on a development pact for its inhaled agitation therapy.
The pact covers the development of AZ-004 for multiple indications and gives Biovail the lead on marketing the drug in the U.S. and Canada. Mountain View, CA-based Alexza (ALXA) will earn royalties of 10 percent to 25 percent of net sales. Alexza filed for regulatory approval of the drug late last year to treat agitation in patients with bipolar disorder or schizophrenia.
"In clinical studies conducted by Alexza, Staccato loxapine rapidly delivered drug into the blood stream through the deep lung in a unique, non-invasive manner. We are delighted to be partnering with Alexza to bring this important treatment to market," said Biovail CEO Bill Wells.
- check out Alexza's release
- and here's the story from Reuters