Orexo in OX17 program deal
Sweden Orexo says it has signed an exclusive development agreement with a large, unnamed health care company, providing for joint development within Orexo's OX17 program for gastroesophageal reflux disease and will be discontinuing all other licensing discussions for the compound.
During this development work, Orexo will continue negotiations to enter into an appropriate global exclusive license agreement including the whole of Orexo's Ox17 program and related intellectual property. This accord, the financial terms of which were not disclosed, is anticipated during 2009.
Torbjorn Bjerke, chief executive of Orexo, said: "I am delighted to announce this new development agreement, although we are unable to disclose many details at this time. We expect to be able to create a first-choice therapy for GERD with this partner, and will make further announcements at the appropriate time."
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