To all:
I just came across the following article dated Jan. 15 (probably missed it because it was indexed as WLA news). Anyone know what to make of this? Thoughts, anyone?
biz.yahoo.com
>>Thursday January 15, 1:13 pm Eastern Time
Onyx Renews Cell Cycle Agreement with Warner-Lambert [NYSE:WLA - news]
ONYX PHARMACEUTICALS INC. Renews Cell Cycle Agreement with Warner-Lambert
Jan. 14, 1998, Onyx Pharmaceuticals Inc. (Nasdaq:ONXX - news) said it extended its research collaboration with Warner-Lambert Co. in the area of cell cycle regulation for another three years.
ONXX said the original agreement was established in May 1995 and scheduled to expire in May. The extension agreement provides for ONXX to receive $25,000,000 in committed funding, plus milestone payments prior to commercialization.
ONXX stated that it already received $10,300,000 in equity payments under the original agreement and, by May of this year, will have receive a total of $6,200,000 in research funding. For the six-year period ONXX has the potential to receive $50,000,000 in committed funding and milestones from Parke-Davis, the pharmaceutical research division of Warner-Lambert.
The goal of the collaboration is to treat cancer and hyperproliferative diseases by discovering and commercializing novel therapeutic agents that intervene in the cell cycle to kill tumor cells or to prevent them from proceeding through cell division.
In the original agreement, Parke-Davis received exclusive marketing rights to products emerging from the collaboration in all areas of the world except Japan. The extended agreement has been amended to provide Parke-Davis with development and marketing rights in Japan for all products stemming from the collaboration, ONXX said.
In addition, ONXX will receive milestone payments tied specifically to development efforts in Japan. << |
