PFIZER AND NEUROGEN LINK-UP
Pfizer has agreed to finance a three-year joint venture program with Neurogen to develop drugs for treating sleep disorders. Under the terms of the deal, Pfizer will also buy 1.1 million shares of Neurogen stock at $9 per share, increasing its existing stake in the company to 21%, the maximum stake allowable by mutual consent.
Pfizer will also provide $7.1 million in funding to the research program, and milestone payments could amount to a further $3 million over several years. In return, the company will get an exclusive worldwide license to market products developed under the research program, while Neurogen will receive royalties.
Neurogen has not revealed the particular area of investigation, but said that it would be developing receptor-specific drugs which will have a very low incidence of side effects. The company hopes to have identified a lead candidate in 1995, with a view to filing Investigational New Drug applications in the USA in 1996. Narcolepsy treatments could also come out of the program, it was noted.
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