Amgen licenses chronic pain molecule
01 Aug 2008
Amgen has agreed to license a clinical-stage molecule for the treatment of chronic and neuropathic pain to Ortho-McNeil-Janssen Pharmaceuticals (OMJPI), a division of Johnson & Johnson.
Under the agreement, $50 million (£25 million) is to be paid up-front, with potential success-based milestone payments to the value of $385 million and further payments linked to sales.
OMJP will be given global rights to the product, excluding Japan where a separate licensing deal is already in place.
Roger Perlmutter, Amgen's executive vice-president of research and development, commented: "OMJPI's proven capabilities in developing and marketing pain therapeutics make them an ideal partner to bring this potentially important molecule to patients who suffer chronic pain."
The agreement is subject to clearance under the relevant antitrust improvements act.
Amgen recently announced that its total revenue during the second quarter of 2008 was up by one per cent on the same period last year.
