Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
GENEVA (AP) — Swiss drug maker Novartis says it will cooperate with California-based biotech giant Amgen to develop and sell neuroscience treatments for illnesses and ailments like Alzheimer's disease and migraine headaches.
A Novartis statement released late Tuesday said that as part of the deal, Amgen will make initial payments and cover some research and development costs at the start with regard to the BACE inhibitor program for treatment of Alzheimer's. That will be followed by a 50-50 cost and profit sharing arrangement.
As for migraine, Novartis will fund some R&D expenses for an agreed period and pay Amgen double-digit royalties on sales. The Basel-based company will also receive some commercialization and co-development rights to "the investigative molecules in Amgen's migraine portfolio."
Specific financial terms were not disclosed.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
