G2 Therapies and Novo Nordisk announce R & D and license agreement.
The antibodies licensed under this agreement were first developed by professor Mackay at the Garvan Institute of Medical Research. AntiC5a Receptor therapies have potential application in several important indications, including rheumatoid arthritis and other autoimmune diseases.
The terms of the agreement include a $6 million upfront payment and other success-based payments to a potential total of $102 million, plus royalties on commercialized therapeutics. Additionally, G2I will be reimbursed by Novo Nordisk for expenses incurred under this collaboration.
"We are delighted to announce this collaboration with Novo Nordisk. This is one of the most significant licensing agreements achieved by any Australian biotech, and confirms our strategy of applying our unique antibody development capabilities to a pipeline of validated gene targets from the Garvan Institute," said Stephen Conlon, CEO, G2 Therapies. "We look forward to working with Novo Nordisk to develop anti-inflammatory therapies that will potentially benefit millions of people worldwide and to expanding our operations to bring other inflammation and cancer therapeutics to the market."
The agreement with G2 provides an addition to Novo Nordisk's growing portfolio of biopharmaceuticals projects within cancer and inflammation. Commenting on the agreement, Terie Kalland, MD, PhD, head of Novo Nordisk's Biopharmaceuticals Research Unit said, "Our strategy is to leverage our core capabilities within proteins and inflammation through partnerships with leading biotech companies and research institutions around the world. G2's project falls right into our own focus areas, and we are excited about the potential of this joint project."
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|Title Annotation:||Industry News|
|Date:||Mar 1, 2006|
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