Astrazeneca gives Valeant Pharma development rights for inflammation drug for an upfront $100 million
Anglo-Swedish drug major AstraZeneca (LSE: AZN) on Tuesday said it has agreed to grant Valeant Pharmaceuticals (NYSE: VRX) an exclusive license to develop and market its drug candidate, brodalumab, to treat inflammation for an upfront payment of $100 million.
Under the terms of the agreement, Valeant will also pay additional pre-launch milestones of up to $170 million and further sales related milestone payments of up to $175 million following the launch. AstraZeneca and Valeant will share profits following the approval for the drug.
Regulatory submission in the USA and European Union for brodalumab to treat moderate-to-severe psoriasis is planned for the fourth quarter of 2015.
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