Novo Nordisk, Emisphere enter insulin deal
PRINCETON, N.J. — A biopharmaceutical company exclusively will develop and commercialize oral formulations of a drug maker’s insulins.
Emisphere will be paid $57.5 million in potential product development and sales milestone payments by Novo Nordisk — of which $5 million dollars will be payable upon signing — as well as royalties on sales. Further financial details of the agreement were not disclosed.
The announcement marks the second deal between the two companies. The first, which gave way to oral formulations development of GLP-1 receptor agonists, was inked in 2008.
"This is an encouraging agreement on a promising technology for oral administration of proteins. We are delighted to continue working with Emisphere and their Eligen technology. It fits very well with Novo Nordisk’s strategy within diabetes research," said Peter Kurtzhals, SVP diabetes research unit at Novo Nordisk.
Lilly completes acquisition of Avid
INDIANAPOLIS — One month after announcing it would acquire a leader in molecular imaging development, Eli Lilly announced it has completed its acquisition of Avid Radiopharmaceuticals.
Under the terms of the definitive merger agreement, Lilly acquired all outstanding shares of Avid for an upfront payment of $300 million, subject to adjustment based on existing cash on hand at closing. Avid stockholders also will be eligible for up to $500 million in additional payments contingent upon potential future regulatory and commercial milestones for florbetapir, a molecular imaging agent under investigation for detecting the presence of amyloid plaque in the brain.
The Food and Drug Administration’s Peripheral and Central Nervous System Drugs Advisory Committee will hold a meeting to discuss florbetapir’s new drug application on Jan. 20.
The impact of the acquisition will be reflected in Lilly’s fourth-quarter 2010 financial statements, but is not expected to be substantial, Lilly said.
Dey Pharma settles DoJ suit
BASKING RIDGE, N.J. — A Mylan subsidiary has settled a lawsuit brought on by the Department of Justice four years ago.
Dey Pharma — which was involved in the suit prior to begin acquired by Mylan from Merck KGaA in 2007 — said that it agreed to pay $280 million to the DoJ in exchange for a release of claims, which dealt with Medicare and Medicaid reimbursements paid by the federal government to pharmacists and other healthcare providers. Dey added that Merck KGaA is responsible for paying the full amount of this settlement, as well as all costs and other expenses associated with pending and future-related lawsuits.
The settlement agreement confirmed that the resolution of the case does not constitute an admission, finding or evidence of fault, liability or wrongdoing by Dey, the drug maker said.