Synthelabo has signed a collaborative agreement with Texas Biotechnology Corp to codevelop and market compounds to prevent reocclusion of blood vessels using antisense oligonucleotides and antagonists of fibroblast growth factors to inhibit proliferation of vascular smooth muscle cells.
Under the agreement, Synthelabo will receive an exclusive license to manufacture, use, and sell any products generated through the collaboration in Europe, the Middle East, Africa and the countries of the former Soviet Union. TBC retains marketing rights for these products in North America and Asia.
As part of the collaboration, Synthelabo invested $5 million in TBC stock and will pay an up-front licensing fee of $3 million. In addition, Synthelabo expects to pay TBC $3 million annually in research funding for three years, and has committed to further payments of up to L3 million per year for an additional six years.
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