NPS Pharmaceuticals and AstraZeneca are ending their six-year-old collaboration to develop new drugs for metabotropic glutamate receptors, or mGluRs. AstraZeneca is paying NPS $30 million for the full rights to the research. NPS says it will earmark these new funds for late-stage product development.
"This strategic move creates investment flexibility for NPS and enables us to use the monies from this deal, the previously announced Nycomed GATTEX deal and the approximately $10 million in savings over the next two years from this transaction to support the further development of our late-stage pipeline products, PREOS and GATTEX, in specialty indications," said NPS CEO Tony Coles.
- see the release on the breakup
ALSO: Just yesterday billionaire George Soros cut his investment in NPS to 1.8 percent. Report
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