Scios and GlaxoSmithKline Sign Licensing Agreement for Natrecor in Europe
LONDON and SUNNYVALE, Calif., Jan. 7 /PRNewswire/ -- GlaxoSmithKline plc (GSK) and Scios Inc. (Nasdaq: SCIO) today announced that they have entered into an agreement in which Scios will license Natrecor(R) (nesiritide), a treatment for acute heart failure, to GSK in all European markets.
Under the terms of the agreement, GSK will have the rights to sell and distribute the product for which Scios will receive an up-front fee and milestone payments over four years, in addition to future royalties on European sales. Scios will manufacture and supply the bulk product to GSK. Both companies will work together to continue clinical development of Natrecor in Europe.
In order to obtain European approval for Natrecor, GSK expects to use the extensive clinical data Scios submitted to obtain approval from the U.S. Food and Drug Administration in August 2001. The companies expect to launch Natrecor in Europe in the first half of 2004.
Commenting on the agreement, Christopher Viehbacher, President, Pharmaceuticals Europe, GlaxoSmithKline said: "Natrecor adds another important product to our cardiovascular pipeline and complements our existing products, in cardiovascular and emergency medicine in Europe. This agreement is indicative of our intention to become the partner of choice for those companies wishing to maximize the commercial potential of their products and increase their global presence."
Richard B. Brewer, Scios' president and chief executive officer, added that "Natrecor will offer physicians in Europe a new alternative for treating acute heart failure, just as it has in the United States. We are excited about the collaboration with GSK, one of the world's pharmaceutical leaders, to further enhance Natrecor's potential value in treating this disease and realizing its blockbuster potential."
Natrecor is the first of a new drug class and is a recombinant form of B-type natriuretic peptide (BNP), a hormone secreted by the heart in response to heart failure. Scios launched Natrecor in the United States in August 2001, making it the first new drug available for acute heart failure patients in over a decade. In Europe approximately one million patients are admitted to hospital with a primary diagnosis of acute congestive heart failure each year.
JPMorgan H&Q Presentation Details
Mr. Brewer will present today at the 20th Annual JPMorgan H&Q Healthcare Conference at 2:00 p.m. PST in the Colonial Room of the Westin St. Francis Hotel in San Francisco, Calif. The presentation will be available via live webcast at www.eventsdigital.com/events/jpmhq/healthcare2002 and archived for 60 days following the presentation or by logging onto the investor section of the company's website at www.sciosinc.com .
GlaxoSmithKline
GlaxoSmithKline -- one of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer.
Scios Inc.
Scios is a biopharmaceutical company developing novel treatments for cardiovascular and inflammatory disease. The Company's disease-based technology platform integrates expertise in protein biology with computational and medicinal chemistry to identify novel targets and rationally design small molecule compounds for large markets with unmet medical needs.
Forward-Looking Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We generally identify such forward-looking statements using words like "believe," "intend," "expect," "may," "should," "plan," "project," "contemplate," "anticipate" or similar statements. Statements that are not historical facts are forward-looking statements based on current assumptions that involve risks and uncertainties. These risks and uncertainties may include the sales penetration and success of Natrecor, obtaining regulatory approval and market acceptance in Europe, the success of clinical trials of our pipeline products, including SCIO-469, as well as other risks detailed from time to time in the reports filed by Scios with the SEC, including the Company's quarterly reports and annual report on Form 10-K. Actual results, performance or achievements of Scios may differ significantly from those described in these forward-looking statements. Scios disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Scios Inc.
CO: Scios Inc.; GlaxoSmithKline plc
ST: California, England
IN: BIO MTC
SU: LIC CCA
01/07/2002 09:02 EST prnewswire.com |
