Novo Nordisk Signs License And Patent Deal With ZymoGenetics

Date : 12/08/2009 @ 2:39AM
Source : Dow Jones News
Stock : Zymogenetics (MM) (ZGEN)
Quote : 9.76  0.0 (0.00%) @ 2:05AM

Novo Nordisk Signs License And Patent Deal With ZymoGenetics

Zymogenetics (MM) (NASDAQ:ZGEN)
Historical Stock Chart

5 Years : From Jul 2012 to Jul 2017

Click Here for more Zymogenetics (MM) Charts.
   DOW JONES NEWSWIRES 

Novo Nordisk said Tuesday it has signed a deal with ZymoGenetics where it will in-license a fully-human anti-IL21 monoclonal antibody (IL-21 mAb) developed by ZymoGenetics, as well as broad intellectual property rights covering IL-21 mAb and the development of other IL-21 antibodies.

 
   MAIN FACTS: 

-Novo Nordisk has agreed to pay ZymoGenetics an initial upfront cash payment of $24M.

-As the development programme of the IL-21 mAb advances, ZymoGenetics may receive further milestones from Novo Nordisk of up to $157.5M over the term of the agreement.

-Milestones include a $1.5M milestone payment upon filing an investigational new drug application and a $8.5M milestone payment at the start of phase 1 studies with the mAb, plus royalties on net sales.

-ZymoGenetics also has a right to co-promote the IL-21 mAb product in the US if the company contributes to phase 3 clinical development costs.

-The IL-21 mAb is a pre-IND candidate for the treatment of autoimmune and inflammatory diseases.

-Novo Nordisk inlicensed intellectual property rights to IL-21 antibodies outside North America in 2001 and now has worldwide rights.

-"Novo Nordisk is currently building a pipeline of products to treat autoimmune and inflammatory diseases such as rheumatoid arthritis, lupus and inflammatory bowel disease," says Mads Krogsgaard Thomsen, executive vice president and chief science officer of Novo Nordisk.

-"It was important for us to secure the worldwide rights to the IL-21 mAb project as well as worldwide patent rights to IL-21 antibodies, and we look forward to initiating a phase 1 trial with this IL-21 mAb in 2010."

-As part of the agreement, ZymoGenetics retains the option to fund a portion of phase 3 clinical development costs in exchange for an increased royalty rate on US sales and US co-promotion rights.

-If ZymoGenetics exercises the option, it would pay a fixed fee of $10M together with 15% of the costs of phase 3 clinical trials, and royalties on US sales would increase from single to double digits.

-By Stockholm Bureau, Dow Jones Newswires; +46-8-5451-3090; djnews.stockholm@dowjones.com

 
 

Latest ZGEN Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.