Tanabe in $74 million agreement to develop and market marimastat.ANNAPOLIS, Md.--(BUSINESS WIRE)--Nov. 14, 1996--British Biotech today announced that it has signed an agreement with Tanabe Seiyaku Co. Ltd. a leading Japanese pharmaceutical company, to develop and market marimastat, British Biotech's oral anti-cancer drug, in Japan. Rights for additional Asian countries are under discussion. Under the agreement, Tanabe has made an initial payment to British Biotech British Biotech was a British based biotech company. British Biotechnology Limited was founded in 1986 by former G D Searle managers Keith McCullagh and Brian Richards, [1] of US$7 million, to be followed by up to a further US$67 million, subject to the successful development and marketing of marimastat in Japan. In addition Tanabe will assume development of marimastat in Japan. Tanabe will receive exclusive marketing rights to marimastat in exchange for an attractive revenue-sharing arrangement which will result in significant payments to British Biotech on all Tanabe's sales of marimastat. Marimastat, British Biotech's most important product, is currently undergoing a series of Phase III clinical trials in cancer patients in Europe and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In addition, the company is continuing a series of Phase II trials with marimastat in Europe and North America in a wide range of different cancers. As a result of this agreement, Tanabe will commence the Japanese development program for marimastat in Japan immediately and is expected to start trials in cancer patients in 1997. British Biotech intends to develop and market marimastat in Europe, the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, and Canada. Commenting on the Japanese licensing agreement, Dr. Keith McCullagh, British Biotech's chief executive, said: "We are delighted to announce this major partnership with Tanabe Seiyaku for the development and commercialization of marimastat in Japan. Tanabe's reputation in prescription pharmaceuticals and their focus on high quality research and development makes them an ideal partner. Their enthusiasm and commitment to marimastat underlines the encouraging nature of the recent clinical data. We now look forward with confidence to the rapid commencement of clinical trials in Japan." Dr. Tetsuya Tosa, Tanabe's senior executive director of R&D, added: "New treatments are urgently needed for cancer. The opportunity to develop a drug of the quality of marimastat puts Tanabe into the forefront of innovation in a key disease area. We look forward to working with British Biotech in developing marimastat and are determined to put significant resources into its development, registration and marketing." Background on Tanabe Tanabe Seiyaku Co., Ltd. is a leading Japanese pharmaceutical company based in Osaka and operates in Asia, Europe and North America. Founded in 1678, worldwide sales in 1995 amounted to approximately US$2.0 billion. Tanabe's focus is on the sale of prescription drugs, in particular, for the treatment of circulatory, central nervous system and digestive system diseases. Tanabe employs 5,200 staff worldwide with 1,000 employees in research and development. Tanabe earlier this year stated its commitment to form further collaborations with pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. . During 1996, Tanabe has signed agreements with Signal Pharmaceuticals Inc. and with Lynx Therapeutics Inc., in addition to its recent agreements with Centocor Inc. and with Pharmacia & Upjohn. Background on British Biotech British Biotech is Europe's largest development-stage pharmaceutical company and was founded in 1986 in Oxford, England. A US subsidiary, British Biotech Inc., was established in Annapolis, Md. in 1993, to direct clinical trials and regulatory affairs Regulatory Affairs (RA), also called Government Affairs, is a profession within regulated industries, such as pharmaceuticals, medical devices, energy, and banking. Regulatory Affairs professionals usually have responsibility for the following general areas: n.pl diseases of the peripheral circulatory system. . The company currently has four drugs in clinical trials, the most advanced of which, lexipafant and marimastat, are in Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA efficacy studies. CONTACT: British Biotech, plc, Oxford James Noble, finance director, 011-44-1865-781120 Katie Arber, head of corporate communications, 011-44-1865-781166 or British Biotech Inc., Annapolis Peter P. McCann, president, 410/266-7909 or G.A. Kraut kraut n. 1. Sauerkraut. 2. often Kraut Offensive Slang Used as a disparaging term for a German. [German; see sauerkraut.] Noun 1. Company, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Gerard Coffey, vice president, 212/696-5600 |
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