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Biotech / Medical : Rigel Pharmaceuticals, Inc. (RIGL)
RIGL 30.70-2.8%9:30 AM EST
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To: mopgcw who wrote (465)2/16/2010 2:33:56 AM
From: scaram(o)uche  Read Replies (1) of 566
 
Rigel in pact with AstraZeneca for arthritis drug

* Signs worldwide license deal for R788

* To receive $100 mln upfront payment from AstraZeneca

Feb 16 (Reuters) - Rigel Pharmaceuticals Inc (RIGL.O) said it signed a worldwide license deal with AstraZeneca Plc (AZN.L) for the late-stage development of its rheumatoid arthritis drug, R788.

Under the agreement, AstraZeneca will make an upfront payment of $100 million to Rigel, with up to $345 million more payable after achieving regulatory and first sale milestones.

Rigel will also be eligible to receive up to an additional $800 million and double-digit royalties on specific sales-related payments, the company said.

AstraZeneca is responsible for all development, manufacturing and global commercialization activities under the contract, Rigel said in a statement.

AstraZeneca will design a phase 3 program, anticipated to begin in the second-half of 2010, with the goal of filing new drug application in 2013, Rigel said.

Further development of Rigel's experimental oral treatment, which had failed to meet the main goal of a mid-stage study in 2009, was contingent on the company signing a partnership deal for late-stage trials of R788.

(Reporting by Archana Shankar in Bangalore; Editing by Kavita Chandran)

reuters.com
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