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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: dr.praveen who wrote (20479)	7/13/2006 3:13:18 PM
From: dr.praveen	Respond to of 52153

Archemix signs drug development deal with Irish firm Thursday July 13, 1:08 pm ET Archemix Corp. has inked a drug development deal with Elan Corp. plc worth more than $350 million if certain milestones are met. Cambridge, Mass.-based Archemix will work with Ireland's Elan (NYSE: ELN - News) to discover, develop and commercialize a class of potential drugs known as aptamer therapeutics to treat autoimmune diseases. Initially, the privately-held Archemix will receive $7 million up front. Payments will escalate depending on the number of commercially viable products developed in the collaboration. In all, Archemix can receive development and sales milestone payments of more than $350 million and can also receive royalty on any jointly developed products. Archemix is also collaborating with OSI Pharmaceuticals Inc. and Nuvelo Inc.