Navigation Links
NPS Sells Assets Related to mGluR Collaboration to AstraZeneca for $30 Million to Support Late-Stage Product Development
Date:10/9/2007

BEDMINSTER, N.J., Oct. 9 /PRNewswire-FirstCall/ -- NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) announced today that by mutual agreement it has ended its collaboration with AstraZeneca to discover and develop drugs targeting metabotropic glutamate receptors (mGluRs). AstraZeneca has agreed to pay NPS $30 million to acquire NPS's assets related to the companies' research collaboration to discover and develop the compounds. NPS intends to use the proceeds to support further development of its late-stage product pipeline.

The two companies have been collaborating since March 2001 to discover and develop compounds that are active at these receptors and have identified several drug candidates currently in preclinical and Phase 1 studies. Under the terms of the agreement, NPS will no longer provide research support for or maintain interests in any drugs discovered, developed and commercialized under this program.

Dr. Tony Coles, president and CEO of NPS, stated, "Monetizing our interests in the mGluR program at this time enables us to create greater near-term value for NPS shareholders. This strategic move creates investment flexibility for NPS and enables us to use the monies from this deal, the previously announced Nycomed GATTEX deal and the approximately $10 million in savings over the next two years from this transaction to support the further development of our late-stage pipeline products, PREOS and GATTEX, in specialty indications. We have had a very productive collaboration with AstraZeneca and wish them continued success with this program."

About NPS Pharmaceuticals

NPS discovers and develops small molecules and recombinant proteins as drugs, primarily for the treatment of metabolic, bone and mineral, and central nervous system disorders. The company has drug candidates in various stages of clinical development backed by a strong discovery research effort. Additional information is available on the company's website, http://www.npsp.com.

Note: Statements made in this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All information in this press release is as of October 9, 2007 and we undertake no duty to update this information. A more complete description of these risks can be found in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year-ended December 31, 2006 and our Quarterly Report on Form 10-Q for the quarter-ended June 30, 2007.


'/>"/>
SOURCE NPS Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Heart disease in the newborn is related to maternal malnutrition
2. Individuals with sleep related breathing disorders more prone to heart disease
3. Pharmaceutical giant offers AIDS related antifungal drug free to 50 countries
4. Pharmaceutical giant offers AIDS related antifungal drug free to 50 countries
5. Dampness related to asthma
6. Allergies are related to mothers menses
7. Genetic disorder related with sleep patterns
8. Energy intake directly related to portion size
9. Treatment for cholesterol-related illnesses likely with the discovery of receptor in mice
10. Age-Related Macular Degeneration - Risk Factors
11. New Drug Shows Significant Improvement In HIV-related Heart Condition
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/28/2017)... ... June 28, 2017 , ... Hayes, Inc., ... to announce the guest speaker lineup* for its second annual Client Symposium. Joining ... Purchaser Coalitions; Dr. Keith Fernandez of Privia Health; and Lisa Tourville of Anthem. ...
(Date:6/28/2017)... ... 28, 2017 , ... David B. Sosin, a founding partner at the law firm ... of 2nd Vice President for the Illinois State Bar Association , in accordance with ... Vice President in 2016 following a state-wide election and served in that capacity for the ...
(Date:6/28/2017)... ... 2017 , ... Park Systems , a leader in Atomic Force Microscopy ... attendees and Park customers on July 11, 2017 from 12-2pm at the Thirsty Bear ... CEO of Park Systems, and Prof. Krishna Saraswat , Rickey/Nielsen Professor in the ...
(Date:6/28/2017)... ... June 28, 2017 , ... Doner ... surrounding regions access to insurance assistance and financial planning services, is announcing the ... assist families in the region facing financial crisis. , Matthew 25: Ministries (M25M) ...
(Date:6/27/2017)... ... June 27, 2017 , ... ... appointment of Mike Finnegan to the position of Executive Vice President, Sales and ... in healthcare technology, telehealth and medical device sales leadership. He has received industry ...
Breaking Medicine News(10 mins):
(Date:6/14/2017)... 14, 2017 The Bio Supply Management Alliance ... of Fremont and the Biomedical Manufacturing Network ... in California by providing a ... and fostering workforce development. The primary focus of this ... start-ups, as well as small and mid-sized biomedical companies. ...
(Date:6/10/2017)... Ala. , June 9, 2017  Shane K. Burchfield, DPM, ... recognized for excellence as a Podiatrist in Alabama ... Podiatry at Family First Foot Care. He brings over 20 years ... medicine, pain management and healthcare, to his role. ... First Foot Care, PC is pleased to welcome you ...
(Date:6/8/2017)... June 8, 2017  StatLab Medical Products ... and manufacturer of diagnostic supplies for the ... Cressey & Company LP ("Cressey & Company"), ... a growth-focused investment in the Company. Cressey ... position from selling shareholder, Prairie Capital, L.P., ...
Breaking Medicine Technology: