OSI Pharmaceuticals, Inc. (OSIP) Grants License To Merck & Co., Inc. (MRK) Under Patent Covering Combination Therapy Using Dipeptidyl Peptidase IV (DPIV) Inhibitors And Other Antidiabetic Agents Through Its Diabetes Business Unit, (OSI) Prosidion
10/19/2005 5:09:24 PM
MELVILLE, N.Y.--(BUSINESS WIRE)--June 30, 2005--OSI Pharmaceuticals, Inc. (NASDAQ: OSIP), announced today that its diabetes and obesity business unit (OSI) Prosidion, has granted Merck & Co. Inc. a worldwide, non-exclusive license under U.S. Patent No. 6,890,898 and foreign equivalents thereof which claim combination therapy comprising administration of a DPIV inhibitor and another therapeutic agent for the treatment of type 2 diabetes and related indications. OSI will receive upfront, milestone and royalty payments. Additional financial terms were not disclosed.
(OSI) Prosidion acquired its DPIV technology platform, which includes a Phase II compound, PSN9301, and a portfolio of DPIV medical use patents from Probiodrug AG of Germany in July 2004. The DPIV medical use patents include issued patents and pending patent applications corresponding to U.S. 6,303,661, U.S. 6,890,898 and WO 01/72290, with claims covering DPIV as a target for anti-diabetes therapy and the use of combinations of DPIV inhibitors with other anti-diabetes drugs. The license to Merck supplements their existing non-exclusive license under part of this patent portfolio. A number of non-exclusive licenses to the patent estate have now been granted and (OSI) Prosidion expects to grant additional non-exclusive licenses in the future.
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