Bayer, J&J to Develop Thrombosis Drug
Posted on: Wednesday, 26 October 2005, 09:01 CDT
By MATT MOORE
FRANKFURT, Germany - Bayer Healthcare, a unit of Bayer AG, said Wednesday it will develop and market a drug to treat blood clots with Johnson & Johnson in a $290 million (euro241 million) deal.
The drug is undergoing phase II clinical trials. Bayer Healthcare said it would work on its development with Ortho-McNeil Pharmaceutical Inc., a subsidiary of the U.S.-based J&J.
Phase III clinical trials on the drug, BAY 59-7939, to test its effectiveness are set to begin in a few weeks.
Under the terms of the agreement, Ortho-McNeil will share the global development costs and will make an upfront payment - along with payments based on achieving certain development milestones - that is expected to total approximately $290 million.
After its commercial launch in the United States, Ortho-McNeil will pay royalties of as much as 30 percent, depending on whether sales targets are met.
Ortho-McNeil will get exclusive marketing rights for the cardiology, primary care and hospital specialty markets for the drug in the United States.
Leverkusen-based Bayer will have an option to promote the drug in U.S. hospital and specialty markets and will have sole marketing rights in other countries.
Bayer Healthcare will also have the rights to promote Ortho-McNeil's Elmiron, which is used to treat bladder pain from interstitial cystitis, to urologists in the United States.
Shares of Bayer were flat at 28.68 euros ($34.46) in Frankfurt trading.
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On the Net:
http://www.bayer.de
http://www.jnj.com
Source: Associated Press/AP Online
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