AstraZeneca and Rigel Pharmaceuticals Inc. Tuesday announced an agreement for the global development and commercialization for a drug now being investigated as a treatment for moderate to severe chronic asthma. AstraZeneca has headquarters and manufacturing sites in northern Delaware. The company is based in London.
- AstraZeneca headquarters in London.
Early research indicates R256 improves lung function, AstraZeneca reported. Rigel is a drug development company based near San Francisco.
AstraZeneca will be responsible for beginning human clinical studies for R256, and for designing and conducting the clinical development of the compound.
Rigel will receive an upfront payment of $1 million with an additional $8.25 million in early milestone payments anticipated by the end of 2013. Together with other specified developmental, regulatory and launch milestone payments, the R256 collaboration could be worth up to $100 million.
“We are pleased to be expanding our relationship with Rigel and to develop and commercialize this novel asset, R256,” said Menelas Pangalos, executive vice president of Innovative Medicines at AstraZeneca. “Despite the number of medicines available to asthma patients today, there remains a need for more targeted therapies for moderate to severe chronic asthma. Through this agreement, R256 will benefit from the wealth of experience AstraZeneca has in bringing innovative treatments for respiratory diseases to millions of patients around the world.”
Click on link below for the release from AstraZeneca
