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CORRECTION - Dainippon Sumitomo Pharma Co Ltd enters into strategic alliance with Edison Pharmaceuticals


Friday, 31 Jan 2014 01:35am EST 

CORRECTED TO READ IN THE HEADLINES...strategic alliance with Edison Pharmaceuticals ...INSTEAD OF... strategic alliance with Dainippon Sumitomo Pharma.Dainippon Sumitomo Pharma Co Ltd:Edison Pharmaceuticals announced that it has entered into a strategic alliance valued up to $4.295 billion with Dainippon Sumitomo Pharma Co., Ltd. for the development of drugs targeting cellular energy metabolism.Under the terms of the agreement, Dainippon will gain select development and commercialization rights in Japan and North America to jointly discovered drugs in exchange for $10 million upfront and $40 million payment in R&D support.In addition, Dainippon will fully fund the development of 10 new jointly discovered drugs through IND filing and broaden its rights to EPI-589, currently in phase 1B, to include North America.In exchange, Edison will be eligible to receive in total between $30 million and $105 million per indication associated with successful development of EPI-589 in North America.Between $10 million and $30 million per indication in development milestones associated with successful development of jointly discovered compounds in Japan and North America.Says up to $3.86 billion in commercial milestone payments for jointly discovered compounds and EPI-589 in total double-digit royalties on commercial sales.Dainippon will also invest $50 million in Edison through a preferred stock purchase agreement.At the discretion of Edison, Dainippon shall invest an additional $50 million in the period between the first and fifth anniversaries of the initial equity closing. 

Company Quote

1310.0
60.0 +4.80%
2 Sep 2015