New partner:
Wednesday September 1, 8:30 am Eastern Time
Company Press Release
SOURCE: OSI Pharmaceuticals, Inc.
OSI Pharmaceuticals Announces Major Diabetes Alliance with Tanabe Seiyaku
UNIONDALE, N.Y., Sept. 1 /PRNewswire/ -- OSI Pharmaceuticals, Inc. (Nasdaq: OSIP - news) announced today that it has formed a strategic partnership with Tanabe Seiyaku Co., Ltd., based in Osaka, Japan, to discover and develop small molecule drugs for the treatment of non-insulin dependent, or Type 2, diabetes mellitus (NIDDM). Under the terms of the agreement, OSI will receive an up-front fee, support for a four year funded research program, and milestone, success payments and royalties on successful product development. Successful product development could result in over $30 million of milestone payments and success fees, over and above royalties, for each target in the multi-target program.
The OSI and Tanabe partnership is built upon the comprehensive drug discovery alliance between OSI and the Vanderbilt University Diabetes Center. OSI and Vanderbilt will continue their discovery efforts in diabetes to develop lead compounds and work together with Tanabe to establish proof-of-principle for drug candidates. Tanabe will have an exclusive right and be responsible for full clinical development and marketing worldwide. OSI has been collaborating with Vanderbilt University since April 1998 to establish a comprehensive drug discovery and early development infrastructure in diabetes.
''The addition of Tanabe is a major asset to the diabetes initiative,'' stated Colin Goddard, Ph.D., President and Chief Executive Officer of OSI Pharmaceuticals, Inc. ''We see this alliance, which brings together a strong pharmaceutical development and marketing company in Tanabe, an academic center of excellence in Vanderbilt and OSI's specialized focus on integrated drug discovery, as an exciting new paradigm for rapid and effective drug discovery within a changing pharmaceutical industry.''
''This collaboration will enhance our basic research technology in diabetes,'' stated Toshio Tanaka, President and Chief Executive Officer of Tanabe Seiyaku. ''Through this collaborative research program, we will be seeking new types of anti-diabetic drugs that improve the quality of life of diabetic patients. Tanabe will continue to seek this kind of alliance with biotechnology companies to access leading-edge technologies to accelerate our drug discovery.'' |
