Novexel licenses aminocandin from Indevus

Massachusetts, USA-based biopharmaceutical firm Indevus Pharmaceuticals and French drugmaker Novexel have agreed a deal under which the former will license worldwide rights to the developmental antifungal agent aminocandin to the latter. The compound, which was originally in-licensed by Indevus from France's Sanofi-Aventis in 2003 (Marketletters passim), belongs to the echinocadin class of antibacterials that are used in the treatment of invasive systemic infections.

Under the terms of the agreement, Novexel will make an initial payment of $1.5 million, with a further $2.0 million to be paid on the initiation of Phase II clinical trials. In addition, the US firm could receive up to $41.0 million in milestones, as well as royalties based on future sales. The French company will also be responsible for all future development, manufacturing and commercialization costs.

Indevus said that the results of a Phase I multi-dose study that it initiated in 2004 indicate that the agent has a favorable pharmacokinetic profile, but added that the program was interrupted due to observed cases of local vein irritation. The Lexington-headquartered company added that it has since developed new formulations that are designed to overcome this issue.