Merck & Co., Inc., a pharmaceutical company, and Portola Pharmaceuticals, Inc. have signed an exclusive global collaboration and license agreement for the development and commercialization of betrixaban, an investigational oral Factor Xa inhibitor anticoagulant used for the prevention of stroke in patients with atrial fibrillation (SPAF). Portola is a biopharmaceutical company. Both the companies are based in the US.
Merck will pay Portola an initial fee of $50 million, in return for an exclusive worldwide license to betrixaban. Portola is eligible to receive additional cash payments totaling up to $420 million upon achievement of certain development, regulatory, and commercialization milestones, as well as double-digit royalties on worldwide sales of betrixaban, if approved.
Merck will assume all development and commercialization costs, including the costs of phase III clinical trials. Portola has retained an option to co-fund phase III clinical trials in return for additional royalties and to co-promote betrixaban with Merck in the US.
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