Schering-Plough will pay $12 million down and up to $200 million after factoring in potential milestone payments for the rights to develop PTC Therapeutics' preclinical therapies for hepatitis C and other viral diseases. Schering-Plough will also provide research funds to PTC. PTC's small molecules are designed to inhibit the production of viral proteins involved in replication of the hepatitis C virus.
"Schering-Plough's expertise in the research and development of antiviral therapies and its global hepatitis franchise affords PTC the opportunity to realize the full potential of our IRES inhibitors," said Stuart Peltz, president & CEO of PTC Therapeutics. "This collaboration provides additional validation for the GEMS technology and nicely complements our strategy as we advance internally the development of our clinical programs."
- here's the press release for more