Biovitrum AB Licenses A Project In Metabolic Diseases From Synaptic Pharmaceutical, (SNAP) A Wholly Owned Subsidiary Of Lundbeck
10/19/2005 5:11:05 PM
Biovitrum AB has agreed with Synaptic Pharmaceutical Corporation to license a novel and competitive project within the field of metabolic diseases. The agreement provides an opportunity for Biovitrum to access unique biological assays and chemical starting points for further development of drugs targeting SMT- 3, a novel G-protein coupled receptor discovered by Synaptic. Biovitrum expects to develop a drug with capacity to promote insulin secretion and decrease body weight, a very much desired profile of a novel drug for the treatment of patients suffering from obesity and type 2 diabetes.
The agreement includes upfront and milestone payments as the project progresses to the market, summing up to more than 5M USD, plus royalty on net sales of the product.
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