US firm Pharmacopeia says that it has earned a milestone payment as part of its collaboration with Organon, the pharmaceutical unit of Dutch company Akzo Nobel. This was triggered by Pharmacopeia's delivery of two additional advanced lead compounds that meet requirements of potency, pharmacokinetic profile and activity in relevant preclinical models of metabolic and inflammatory diseases.
"This latest milestone payment from our successful collaboration with Organon is a reflection of the productivity that can be achieved when two complementary organizations work together effectively," said Les Browne, chief executive of the US firm. "Combining its significant resources and expertise with a genuine interest in collaborating with innovative companies makes Organon a strong partner for Pharmacopeia," he added.
Based on the companies' 2002 collaboration agreement, Pharmacopeia is entitled to receive further milestones from Organon if collaboration programs progress into and through clinical development. Additionally, if therapeutic products are marketed based on compounds derived from the accord, Pharmacopeia will be entitled to receive royalties on sales. It will also continue to receive quarterly research payments from Organon in connection with the advancement of other collaborative programs which, absent of any new agreement between the companies, will continue until 2007.
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