A day after getting a new CEO, Bristol-Myers Squibb has paid $40 million upfront and promised up to $373 million more in milestones to license Allergan's experimental therapy for neuropathic pain. The oral AGN-209323 still has a long way to go, with researchers preparing for a mid-stage study.
BMS gets worldwide rights to all but one indication--local delivery to the eye--which Allergan will hold on to for now. Under the deal, ExonHit Therapeutics will snare $4 million of the upfront and more than $32 million of the potential milestones.
"We are fortunate to have a deep R&D pipeline, and believe that by partnering programs that extend into primary care, we can maximize the value of our science," says Scott Whitcup, executive vice president, R&D and chief scientific officer, Allergan.
Like most other pharma companies, BMS has been scrambling to line up new products. It loses patent protection on Plavix in 2012. And yesterday, the company named its Number Two--Lamberto Andreotti--as its new CEO. He will take the helm from James Cornelius, who will remain as chairman.
- check out the BMS press release
- here's the Reuters piece
- and here's the release from ExonHit