Bristol-Myers Squibb Company (NYSE: BMY) and Allergan, Inc. (NYSE: AGN) announced a global agreement for the development and commercialization of AGN-209323, a Phase II-ready, orally administered small molecule in clinical development for neuropathic pain. Under the terms of the agreement, Allergan will grant to Bristol-Myers Squibb exclusive worldwide rights to develop, manufacture and commercialize AGN-209323 and backup compounds. The agreement encompasses all potential indications except ophthalmology indications for products formulated for local delivery to the eye, where Allergan will retain certain rights. Bristol-Myers Squibb will make an upfront payment of $40 million, potential AGN-209323 related development- and regulatory-based milestone payments of up to $373 million, and royalty payments on worldwide sales.
"There is significant unmet medical need for a more efficacious and tolerable therapy for neuropathic pain," said Francis Cuss, senior vice president, Discovery and Exploratory Clinical Research, Bristol-Myers Squibb. "We are pleased to have the opportunity to develop this potential first-in-class compound that could help patients prevail over chronic pain and strengthen our neuroscience pipeline."
"We are fortunate to have a deep R&D pipeline, and believe that by partnering programs that extend into primary care, we can maximize the value of our science," said Scott Whitcup, M.D., executive vice president, Research & Development and Chief Scientific Officer, Allergan. "We are excited to have a partner interested in our technology and committed to developing AGN-209323 for neuropathic pain."
The effectiveness of the collaboration agreement is subject to antitrust clearance by the United States Federal Trade Commission and Department of Justice, under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary regulatory approvals.
About AGN-209323
AGN-209323 is an orally administered small molecule that could relieve the symptoms of neuropathic pain through a potential novel mechanism of action. It was discovered as part of a collaboration between Allergan and ExonHit Therapeutics SA.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com.
About Allergan, Inc.
Founded in 1950, Allergan, Inc., with headquarters in Irvine, California, is a multi-specialty health care company that discovers, develops and commercializes innovative pharmaceuticals, biologics and medical devices that enable people to live life to its greatest potential - to see more clearly, move more freely, express themselves more fully. The Company employs more than 8,000 people worldwide and operates state-of-the-art R&D facilities and world-class manufacturing plants. In addition to its discovery-to-development research organization, Allergan has global marketing and sales capabilities with a presence in more than 100 countries.