Posted on 17/06/2010 in Pharmaceutical Company Product News Norgine has agreed a new licensing deal which will allow it to develop and market a new gastrointestinal treatment based on a Tranzyme Pharma compound.
The deal pertains to the novel ghrelin agonist ulimorelin, which is currently entering phase III development as a gastrointestinal dysmotility treatment, and will apply to the European and African markets among others.
Both Norgine and Tranzyme will be responsible for funding the future clinical development of the drug, which is scheduled to undergo phase III testing later this year.
Should the drug be successfully approved and commercialised, Tranzyme is eligible to receive milestone payments of up to $150 million (101.7 million pounds).
Peter Stein, chairman and chief executive officer of Norgine, said: "There is a critical need for a new, safe and effective prokinetic drug for use in acute care settings, as there are no satisfactory treatments on the market."
According to Norgine's most recent financial statement from earlier this year, the company saw a 11 per cent year-on-year sales increase in constant currency terms in 2009, representing its 23rd straight year of double-digit growth.Other news stories from 17/06/2010
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