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Genelabs regains development rights in Japan for lupus drug

Mon Nov 19, 2007 7:30am EST

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Nov 19 (Reuters) - Genelabs Technologies Inc GNLB.O said it regained full development and licensing rights in Japan for its investigational lupus drug, Prestara, under the terms of a termination deal with Mitsubishi Tanabe Pharma Corp (4508.T).

No payments are to be made by either party under the terms of the termination agreement, the company said.

Genelabs signed a collaboration and license deal with Tanabe Seiyaku Co Ltd in January 2004. In October 2007, Japanese drug maker Mitsubishi Tanabe Pharma Corp was formed by the merger of Tanabe Seiyaku and Mitsubishi Pharma Corp.

(Reporting by John Tilak; Editing by Himani Sarkar)

((john.tilak@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 +1 646 897 1898; Reuters Messaging: john.tilak.reuters.com@reuters.net ))

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