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Biotech / Medical : Celgene-CELG
CELG 108.240.0%Nov 22 4:00 PM EST
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To: j_fir2 who wrote (435)4/26/2000 9:43:00 AM
From: Biomaven  Read Replies (1) of 804
 
No details, but great partner:

Headline: Novartis gets Celgene license for altered Ritalin

================================================================
WARREN, N.J., April 26 (Reuters) - Celgene Corp. (NASDAQ:CELG)
said on Wednesday it granted Novartis Pharma AG (ZSE:NOVZ.N)
exclusive worldwide license for the development and marketing
of an altered-form of Novartis' Ritalin for treating attention
deficit/hyperactivity disorder.
Celgene said it will receive "substantial" upfront fees and
milestone payments and royalties on all formulations of what it
described as an enhanced Ritalin family of drugs. Novartis
develops and markets Ritalin.
The licensing pact excludes Canada.
The biopharmaceutical company, which focuses on developing
novel agents for treating various cancers and neurologic and
autoimmune disorders, said it has also granted rights to all
its related intellectual properties and patents, including new
formulations of Ritalin.
Celgene has previously reported positive clinical results
of two pivotal phase three efficacy trials for the new altered
form of Ritalin. In these trials, the product demonstrated
effectiveness in controlling the symptoms of attention
deficit/hyperactivity disorder to a "very high degree of
statistical significance."
The product also demonstrated a longer duration of action
than Ritalin.
Celgene said it plans to file a marketing application for
its altered form of Ritalin in the third quarter.

Copyright 2000, Reuters News Service

Peter
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