IDEC and Mitsubishi extend psoriasis agreement
IDEC Pharmaceuticals and Mitsubishi Pharma have entered into anagreement to support clinical development of their psoriasis drug IDEC-114, which has the potential selectivity to regulate immune response by binding to the co-stimulatory molecule CD80.
Under the terms of the deal, which was valued at approximately $35 million and is subject to the attainment of product development, Mitsubishi will share the costs of clinical development of the drug and will also conduct parallel trials in psoriasis in Japan. Under an existing license agreement (Marketletters passim), IDEC has granted Mitsubishi an exclusive license in Asia to develop and commercialize anti-CD80 antibody products. Mitsubishi will pay IDEC royalties on sales of these products in the former's exclusive territories in Asia.
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