Genentech, Scios Nova Alliance On Auriculin
Scios Nova and Genentech have entered into a collaborative agreement for the development of Scios' Auriculin (anaritide) for the treatment of acute renal failure. Auriculin is currently in Phase III trials for this indication.
Under the terms of the agreement, the two companies will copromote Auriculin for acute renal failure in the USA and Canada, and will share equal profits from its commercialization. Scios Nova has granted Genentech exclusive marketing rights to all other markets outside North America and will receive royalties on sales. The deal could include investments and payments by Genentech of up to $100 million to Scios.
Genentech has made a $20 million equity investment in Scios Nova. In addition, Genentech has provided $30 million that Scios Nova may draw down as a loan at its discretion until 2002. The loan is repayable in either cash or Scios Nova common stock. Genentech will also pay Scios Nova $50 million in milestone payments, including a $30 million installment upon US approval of the drug.
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