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MAP Pharmaceuticals Announces Expiration of Hart-Scott-Rodino Waiting Period for Unit Dose Budesonide Collaboration with AstraZeneca
Date:2/3/2009

MOUNTAIN VIEW, Calif., Feb. 3 /PRNewswire-FirstCall/ -- MAP Pharmaceuticals, Inc. (Nasdaq: MAPP) today announced that the waiting period under the Hart-Scott-Rodino Act for its Unit Dose Budesonide (UDB) worldwide agreement with AstraZeneca has expired, and the agreement is now effective. Under this agreement, MAP Pharmaceuticals and AstraZeneca will jointly develop and commercialize UDB, MAP Pharmaceuticals' proprietary nebulized formulation of budesonide for the potential treatment of asthma in children. Expiration of the waiting period triggers an up-front payment to MAP Pharmaceuticals of $40 million.

MAP Pharmaceuticals and AstraZeneca will develop UDB in the United States, and AstraZeneca has rights to develop and commercialize UDB outside of the United States. Under the agreement, AstraZeneca will be responsible for future UDB development costs, and AstraZeneca will reimburse MAP Pharmaceuticals for the costs of future UDB development activities with respect to United States registration incurred by MAP Pharmaceuticals.

Under the terms of the agreement, AstraZeneca will pay MAP Pharmaceuticals an additional $35 million upon the successful achievement of primary endpoint and safety results in the currently ongoing Phase 3 clinical trial of UDB. In addition, upon the occurrence of certain events and conditions, MAP Pharmaceuticals is eligible to receive up to $240 million in other potential development and regulatory milestones. The agreement also provides for additional progressively demanding sales performance-related milestone payments of up to $585 million in the event the product is a considerable commercial success.

AstraZeneca also will support and fund the establishment of a MAP Pharmaceuticals sales force to co-promote UDB in the United States for a certain period of time after product launch. MAP Pha
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SOURCE MAP Pharmaceuticals, Inc.
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