Bristol-Myers Squibb and Allergan Enter Global Agreement on Investigational Neuropathic Pain Medicine
PRINCETON, N.J. & IRVINE, Calif.--(BUSINESS WIRE)--Mar 3, 2010 - Bristol-Myers Squibb Company (NYSE: BMY) and Allergan , Inc. (NYSE: AGN) today 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.
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.
Bristol-Myers Squibb Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the compound described in this release will move from early stage development into full product development, that clinical trials of this compound will support a regulatory filing, or that the compound will receive regulatory approval or become a commercially successful product. Nor is there any guarantee that the transaction described in this release will receive the necessary regulatory approvals to close. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2009, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Allergan Forward-Looking Statements
This press release contains “forward-looking statements,” including the statements of Dr. Whitcup and Francis Cuss, and other statements regarding the potential of the AGN-209323 small molecule, its usefulness in treating neuropathic pain or the outcome of the development of AGN-209323. All forward-looking statements in this press release reflect Allergan's current analysis of existing trends and information and represent Allergan's judgment only as of the date of this press release. Actual results may differ materially from current expectations based on a number of factors affecting Allergan's businesses, including, among other things the following: changing competitive, market and regulatory conditions; the timing and uncertainty of the results of both the R&D and regulatory processes; domestic and foreign health care and cost containment reforms, including government pricing, tax and reimbursement policies; technological advances and patents obtained by competitors; the performance, including the approval, introduction, and consumer and physician acceptance of new products and the continuing acceptance of currently marketed products; the timely and successful implementation of strategic initiatives; and the results of any pending or future litigation, investigations or claims. Therefore, the reader is cautioned not to rely on these forward-looking statements. Allergan expressly disclaims any intent or obligation to update these forward-looking statements except as required to do so by law.
Additional information concerning the above-referenced risk factors and other risk factors can be found in press releases issued by Allergan, as well as Allergan's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading “Risk Factors” in Allergan's 2008 Form 10-K and Allergan's Forms 10-Q for the quarters ended March 31, 2009, June 30, 2009, and September 30, 2009. Copies of Allergan's press releases and additional information about Allergan is available at www.allergan.com or you can contact the Allergan Investor Relations Department by calling 714-246-4636.
Contact: Bristol-Myers Squibb Media Jennifer Fron Mauer, 609-252-6579 firstname.lastname@example.org or Investors John Elicker, 609-252-4611 email@example.com or Allergan, Inc. Media Caroline Van Hove, 714-246-5134 firstname.lastname@example.org or Investors Jim Hindman, 714-246-4636 email@example.com Joann Bradley, 714-246-4766 firstname.lastname@example.org Emil Schultz, 714-246-4474 email@example.com
Posted: March 2010