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6 Oct 1999
Sheffield Pharmaceuticals, Inc has signed a letter of agreement to enter into a licensing arrangement with Elan Corporation plc for development and commercialization of certain inhaled steroid products for the treatment of respiratory diseases.
Under the terms of the agreement, a joint venture formed by the companies will license certain pulmonary NanoCrystal dispersion technology from Elan Pharmaceutical Technologies, a division of Elan, for development of these products. Sheffield will provide the joint venture with access to certain of its pulmonary delivery systems. Elan will provide funding to Sheffield and the joint venture as part of the agreement.
The venture partners will both provide clinical development, regulatory, project development and business development guidance. The joint venture will develop unique steroid products that utilize Elan's proprietary NanoCrystal dispersion technology. NanoCrystal dispersion technology enables delivery of poorly water-soluble medicines, such as steroids, by transforming these drug compounds into nanometer-sized particles that can be incorporated into traditional dosage forms, such as aerosol formulations.
Thomas M. Fitzgerald, Chairman of Sheffield Pharmaceuticals stated, "This joint venture will allow us to take advantage of a number of untapped opportunities to develop products for the $7 billion worldwide asthma market. The venture will combine Elan's unique and promising nanoparticulate technology with the capabilities of our pulmonary delivery systems."
Eugene R. Cooper, Ph.D., executive vice president research and development of Elan Pharmaceuticals Technologies commented, "This agreement is a testament to the strategic role that drug delivery technology can play in addressing important unmet market needs. Combining our technological capabilities with Sheffield's innovative delivery systems will help achieve our goal of developing and commercializing innovative medicines and ultimately providing relief to millions of patients suffering from respiratory diseases."
Under the terms of the transaction, Sheffield will own 80.1% of the joint venture. Additional financial terms are expected to be disclosed at the time the transaction is finalized, which is expected in the next month. |
