Pharminox and S-P sign drug discovery deal

Nottingham, UK-based biopharmaceutical company Pharminox, which is focused on developing products for oncology indications, says that it has entered into a deal with US major Schering-Plough, which will see the firms collaborate on the discovery of small-molecule therapies for the treatment of a range of cancers.

Under the terms of the agreement, which will last for two years, S-P will provide funding for Pharminox' focused medicinal chemistry program that will produce a series of novel anti-cancer agents. The resulting compounds will be screened for activity by the US firm at its research laboratories in Kenilworth, New Jersey.

S-P has an option to license intellectual property arising from the program, including any clinical development candidates that are identified. Pharminox said that research funding and developmental milestone payments could exceed $40.0 million. In addition, the UK company is entitled to royalties based on the sale of any products that are successfully commercialized. Full financial terms of the accord were not provided.