Under the terms of the agreement, AstraZeneca will pay Nortran an upfront payment upon execution of the agreement. In addition, AstraZeneca will pay for further milestone payments linked to the achievement of specific development and commercialisation targets. The agreement includes a provision for the payment of royalties at a rate that will increase according to the level of product sales achieved. AstraZeneca will assume responsibility for the world-wide development and commercialisation of this promising antiarrhythmic agent.
"We are pleased to initiate this agreement with Nortran. The drug that we have in-licensed has an important role in our antiarrhythmic program and has exciting potential for the treatment of atrial fibrillation/flutter. This in turn will further strengthen our cardiovascular portfolio," stated Dr Hamish Cameron, Vice President and Head of Cardiovascular Therapy Area.
Nortran Pharmaceuticals is a drug discovery company focused on cardiovascular and respiratory applications of ion channel modulating drugs.
Bob Rieder, President and Chief Executive Officer of Nortran, said "This partnership is by far the most significant since Nortran's inception in 1992, and represents a significant milestone for the company. AstraZeneca has a proven track record of successful developments in the cardiovascular area and Nortran looks forward to working with AstraZeneca to ensure success of this project."
|
Steve Brown
+44 (0)20 7304 5033
Lucy Williams
+44 (0)20 7304 5034
|
|
|
- AstraZeneca is a major international healthcare business engaged in the research, development, manufacture and marketing of ethical (prescription) pharmaceuticals and the supply of healthcare services. It is one of the top five pharmaceutical companies in the world with healthcare sales of over $15 billion and leading positions in sales of gastrointestinal, oncology, anaesthesia including pain management, cardiovascular, central nervous system (CNS) and respiratory products.
- An arrythmia occurs when the natural beating of the heart is disrupted. Cardiac arrhythmias account for approximately one-quarter of all mortality associated with heart disease. Drugs currently available in the market can be very poorly tolerated by patients. The anti-arrhythmic market has an estimated annual potential of US $2.9 billion. Current sales of antiarrhythmics total US $1.0 billion, of which US $0.5 billion are attributable to ventricular antiarrhythmics and US $0.5 billion to atrial antiarrhythmics. It is recognised that there is an unmet market need for a well tolerated and effective antiarrhythmic drug.
|