LEO Pharma in over $300 million deal for psoriasis therapy
Privately-held Danish drugmaker LEO Pharma A/S has signed a multi-million dollar in-licensing deal with the US biotech company Virobay to develop an oral treatment for psoriasis. The in-licensing deal concerns an innovative compound which has the potential to be the first on the market with its specific mode of action.
The deal involves an upfront payment to Virobay of $7 million, followed by milestone payments totaling up to $300 million and tiered royalties on eventual product sales, the Danish firm revealed yesterday. For Virobay, the deal represents a valuable opportunity for the small drug discovery company to work with an industry heavyweight.
Ph I trials to commence late 2012
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