-Dynavax, AstraZeneca to start clinical development of asthma drug.
NORDIC BUSINESS REPORT-October 6, 2011--Dynavax, AstraZeneca to start clinical development of asthma drug(C)2011 M2 COMMUNICATIONS http://www.m2.com
6 October 2011 -- Anglo-Swedish pharma major AstraZeneca plc (LON:AZN, STO:AZN) and US biopharmaceutical company Dynavax Technologies Corporation (NASDAQ:DVAX) extended their agreement for the development of asthma drug candidate AZD 1419, Dynavax said on Wednesday.
Under the agreement, Dynavax will carry out the clinical development of the drug and AstraZeneca will finance it.
Thus, the Anglo-Swedish company will pay Dynavax an initial sum of USD3m.
Later on, Dynavax is entitled to receiving around USD20m for the costs related to the Phase IIa clinical study and further USD 20 million upon completion of the Phase IIa study if AstraZeneca decides to advance the programme.
Moreover, Dynavax will receive the right to develop the project and sell the asthma product.
Additional milestone payments to Dynavax amount to approximately USD100m and will be complemented by royalties on global sales of the approved product plus the right to co-market the product in the USA.
AZD 1419, a second-generation TLR-9 agonist for asthma, was selected as the best clinical candidate for a drug. The Phase I study is projected to start when certain rules are met and when clinical materials are released.
(EUR1 = USD1.3)
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|Publication:||Nordic Business Report|
|Date:||Oct 6, 2011|
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