Synaptic Pharmaceutical Enters Into an Agreement with Ranbaxy for a License to Its Methods for Selectively Antagonizing Alpha-1A Receptors to Treat BPH
PARAMUS, N.J., July 11 /PRNewswire-FirstCall/ -- Synaptic Pharmaceutical Corporation (Nasdaq: SNAP - News), a leading developer of next-generation GPCR-based pharmaceuticals, and Ranbaxy Laboratories Limited, India's largest pharmaceutical company today announced the granting of a non-exclusive license by Synaptic to Ranbaxy. In exchange for the non- exclusive license, Ranbaxy will provide an up-front licensing fee, milestone payments and royalties to Synaptic if any drugs subject to the license are developed and commercialized. Further details of the license terms were not disclosed.
Ranbaxy has a strong drug discovery program in urology with special emphasis on BPH and urinary incontinence. The agreement will allow Ranbaxy to generate intellectual wealth in the area of urology using Synaptic's patented technology.
Commenting on the licensing agreement, Kathleen P. Mullinix, Ph.D., president and chief executive officer of Synaptic said, "I am delighted to have Ranbaxy as another licensee of a component of our portfolio of patents. This transaction further highlights the value of making these licenses available under non-exclusive terms, and increases the probability of success for Synaptic. Our non-exclusive licensing strategy facilitates the entry into the market of drugs in which Synaptic has an economic interest by allowing access to our patent portfolio by many of the companies working in similar fields. Finally, the generation of yet another licensing deal further speaks to the great value associated with our robust patent estate."
Mr. D.S. Brar, chief executive officer and managing director of Ranbaxy Laboratories Limited stated, "Synaptic's patents will complement our existing patent portfolio and enhance Ranbaxy's drug discovery program in the urology segment. Synaptic's patented technology should be useful to develop safer and more effective NCEs in this segment."
Ranbaxy Laboratories Limited, India's largest pharmaceutical company, manufactures and markets branded generic pharmaceuticals and Active Pharmaceutical Ingredients (APIs). Ranbaxy's continued focus on R&D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. Ranbaxy's foray into Novel Drug Delivery Systems (NDDS) has led to several proprietary know-how "platform technologies" resulting in many products under developmental/commercial stages. The company is selling its products in over 100 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 25 countries and manufacturing operations in 7 countries... |
