Biogen And CV Therapeutics Collaborate In CVT-124 Development
- Biogen and CV Therapeutics are to collaborate on the development ofCVT-124 for the treatment of edema associated with congestive heart failure. The drug is expected to commence Phase II clinical trials in the near future, say the companies. Biogen will receive worldwide development and marketing rights to the product, while CV Therapeutics will receive $16 million as an upfront payment, including an equity investment of $7 million, plus milestone payments and royalties on sales. Meanwhile, Genesis Pharma is to market Biogen's multiple sclerosis drug Avonex (interferon beta-1a), in Greece.
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