News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Ortho-McNeil Pharmaceutical, Inc. Ditches $625 Million Diabetes Drug Pact with Diamyd Medical AB


6/2/2011 8:24:34 AM

Diamyd Medical AB (STO:DIAMB)(Pink Sheets:DMYDY) announces it has regained control of the diabetes therapy Diamyd® following Ortho-McNeil-Janssen Pharmaceuticals, Inc. (OMJPI) election to terminate the agreement the two companies signed in June 2010 to develop and commercialize Diamyd®.

In June 2010, Diamyd Medical AB and Ortho-McNeil-Janssen Pharmaceuticals, Inc. (OMJPI), a Johnson & Johnson company, signed an agreement to develop and commercialize the GAD65-based therapy Diamyd®, for the treatment and prevention of type 1 diabetes and associated conditions. Under the agreement Diamyd Medical received a non-refundable upfront payment of USD 45 million and the parties began sharing the costs for the development program equally. Following termination of the agreement by OMJPI all rights regarding Diamyd® and the active substance GAD65 are returned to Diamyd Medical.




comments powered by Disqus
   
Diabetes

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES