Another Versicor agreement today. SEPR still owns about 22% of them. Deal is denominated only in biobucks ($30m of them), so who knows what it is actually worth.
Pharmacia & Upjohn and Versicor Collaborate on New Oxazolidinone Antibacterials
BRIDGEWATER, N.J. and FREMONT, Calif., April 6 /PRNewswire/ -- Pharmacia &
Upjohn (NYSE: PNU) and Versicor Inc. announced today that they have entered
into a collaboration to discover new oxazolidinones, an important new class of
antibacterials. Versicor will work closely with Pharmacia & Upjohn to create
compounds to extend Pharmacia & Upjohn's leadership in this area.
The collaboration's mission is to discover the next generation of
oxazolidinone(s) to compete in the $23 billion worldwide antimicrobial market.
The collaboration will benefit from Versicor's unique infectious
disease-oriented biology and combinatorial chemistry technology platforms and
from Pharmacia & Upjohn's extensive experience in infectious disease drug
discovery with oxazolidinones and other chemical templates.
Pharmacia & Upjohn's most advanced oxazolidinone, Zyvox, is in Phase III
clinical development and represents the first new class of antibacterials in
more than 30 years.
The Versicor/Pharmacia & Upjohn research collaboration is a two to
three-year deal that includes up-front cash, equity payments, and research
funding. The deal also includes additional equity, potential milestone
payments and royalties in subsequent years. The total value of the deal can
be $30 million plus, which is inclusive of significant reward for a new
oxazolidinone antibiotic reaching the market.
Versicor Inc., a cutting edge biopharmaceutical company, is dedicated to
the discovery and development of novel antibiotics. Internally this consists
of fully integrated efforts involving functional genomics, high throughput
screening, and combinatorial chemistry. External collaborations have provided
advanced leads and an early clinical candidate.
Pharmacia & Upjohn is a global, innovation-driven pharmaceutical and
health care company. Pharmacia & Upjohn's products, services and employees
demonstrate its commitment to improve wellness and quality of life for people
around the world. |
