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Burrill Merchant Banking Advises NPS on Phase III Licensing Agreement
Date:1/9/2008

SAN FRANCISCO, Jan. 9 /PRNewswire/ -- Burrill Merchant Banking acted as exclusive financial advisor to NPS Pharmaceuticals on its recently-completed partnering of Gattex(TM) (teduglutide) with Nycomed. Under the terms of the agreement, NPS has licensed rights to Gattex outside North America to Nycomed for the treatment of gastrointestinal disorders.

Gattex is a GLP-2 analog in development for the treatment of short-bowel syndrome (SBS). SBS can result from one or more bowel surgeries related to inflammatory bowel disease or injury. In a recent Phase III trial, patients in the low dose Gattex group showed a statistically significant reduction in parenteral nutrition vs. placebo, while the high dose group showed a trend in the difference between the treatment group and placebo, but this did not reach statistical significance. NPS is also pursuing development of Gattex as a possible treatment for chemotherapy-induced gastrointestinal mucositis in cancer patients and necrotizing enterocolitis in preterm infants.

Under the terms of the agreement, NPS and Nycomed will share future development costs 50:50. NPS maintains commercialization rights for the product in the US, Canada, and Mexico.

The agreement includes an upfront payment to NPS of $35 million, and combined development and sales milestones that could potentially total more than $150 million in additional payments from Nycomed. Royalties to NPS for sales in Nycomed's territories, although not publicly disclosed, are in the double-digit range.

About Burrill Merchant Banking

Burrill Merchant Banking assists life science companies to identify, negotiate and close strategic transactions. Service lines include:

-- Mergers & Acquisitions

-- Strategic Partnering from preclinical research to product development

and commercialization

-- Spin-Outs and Divestitures

-- Financing (Private Placements)

-- Advisory Services to define the role
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SOURCE Burrill Merchant Banking
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