Posted on 11/11/2009 in Pharmaceutical Company Product News Bristol-Myers Squibb has signed a contract with Alder Biopharmaceuticals for the development and commercialisation of ALD518 - a novel biologic that is undergoing testing as a treatment for rheumatoid arthritis.
As part of the agreement, Bristol-Myers Squibb will be granted the worldwide exclusive rights to the drug by Alder for all potential indications except cancer, for which Alder will retain the rights.
A cash payment of $85 million (50.7 million pounds) will be made, as well as potential development and regulatory milestone payments of up to $764 million across a selection of various indications.
Randall Schatzman, president and chief executive officer of Alder Biopharmaceuticals, stated: "Bristol-Myers Squibb's extensive development and commercial experience in immunology translate into an exceptionally good fit for Alder, especially at this stage of our corporate development."
In other Bristol-Myers Squibb news this week, the firm announced that its HIV-1 treatment Reyataz has been granted a label update by the Food and Drug Administration.
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