Forest Laboratories has put up $109.6 million to snare development rights to Novexel's intravenous beta lactamase inhibitor, NXL 104, in combination with Forest's ceftaroline. And Forest could pay out up to $109.6 million more for a successful combination program. Forest gains exclusive rights to administer the combination drug in North America. The ceftaroline/NXL 104 combination goes into Phase I trials in fiscal 2009. Forest also gains first negotiation rights to a second use of the combination for a different clinical activity.
"The significant funding which Novexel will receive under this agreement will enable the company to devote the appropriate resources to the parallel and independent Phase II development of NXL 104 in combination with ceftazidime," said Novexel CEO Iain Buchanan. Novexel was a 2007 Fierce 15 company.
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