Emisphere earns $10 million on amended deal with Novo Nordisk

30 April 2013

USA-based Emisphere Technologies (OTCBB: EMIS) says that it has agreed with Danish insulin giant Novo Nordisk (NOV: N) to amend the two companies' agreement to develop and commercialize oral formulations of Novo Nordisk's proprietary GLP-1 receptor agonists, which have the potential of treating type 2 diabetes, using Emisphere's Eligen technology (The Pharma Letter December 22, 2010).

Under the terms of the accord, Novo Nordisk will pay to Emisphere $10 million as a prepayment of development milestone payments that would have otherwise become payable to Emisphere under the oral GLP-1 development agreement on the initiation of Phase II and Phase III testing of an oral GLP-1 product by Novo Nordisk, in exchange for a reduction in the rate of potential future royalty payments arising from future sales of an oral GLP-1 product developed under the oral GLP-1 development agreement.

Could still receive development and sales milestones

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