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B-MS acquires Allergan's pain medicine

Bristol-Myers Squibb has entered into a global agreement for Allergan's investigational neuropathic pain medicine, AGN-209323

Bristol-Myers Squibb (B-MS) has entered into a global agreement for Allergan's investigational neuropathic pain medicine, AGN-209323, a phase II-ready, orally administered small molecule currently in clinical development.

The agreement will see New York based global biopharmaceutical company, B-MS, make an upfront payment of $40m to Allergan as well as potential AGN-209323 related development- and regulatory-based milestone payments of up to $373m. Royalty payments on worldwide sales will also be included in the deal.

In return, multi specialty drugmakers, Allergan, will grant exclusive worldwide rights to B-MS for the development, manufacture and commercialisation of AGN-209323 and its backup compounds. Allergan, whose specialities include eye care, neuromodulation and skin care, will retain certain rights for potential indications involving ophthalmology for products formulated for local delivery to the eye.

ExonHit Therapuetics SA, who collaborated with Allergan on the development of AGN-209323 and originally discovered the compound using its profiling technology, will receive an upfront payment of $4m as well as potential related development and
regulatory-based milestone payments exceeding $32m.

Allergan claim the drug could "relieve the symptoms of neuropathic pain through a potential novel mechanism of action."

Francis Cuss, senior vice president, Discovery and Exploratory Clinical Research at B-MS commented on the agreement: "There is significant unmet medical need for a more efficacious and tolerable therapy for neuropathic pain. We are pleased to have the opportunity to develop this potential first-in-class compound that could help patients prevail over chronic pain and strengthen our neuroscience pipeline."

The effectiveness of the collaboration agreement is subject to antitrust clearance by the US Federal Trade Commission and Department of Justice, under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary regulatory approvals. 

4th March 2010

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