Asterand, an eye research company is recently going to receive an upfront payment of $6.25 million from Allergan, Inc. a multi-specialty health care company. This payment is going to be done under an exclusive license agreement with Irvine, of Allergan, for selective compounds.
These selective compound includes a small molecule prostaglandin receptor agonists (arise from Asterand's R99 development programme) that have been shown in preclinical studies to be effective in reducing intra-ocular pressure.
Allergan plans to further develop a focused list of lead compounds and commercialise compounds through clinical development. For this Allergan is ready to pay Asterand an upfront fee of $6.25 million. In addition, Asterand can receive success-based development and sales milestone payments that could total up to $56 million, plus royalties.
Asterand plc (LSE: ATD), the Detroit-based tissue bank and medical information firm which has several other promising drug discovery program, which includes pre-term labor, other compounds targeted for the treatment of bone disease and cancer, etc.
Allergan, Inc. is a multi-specialty, Calif.-based pharmaceutical firm focused on discovering, developing and commercializing innovative pharmaceuticals, biologics and medical devices that enable people to live life to its greatest potential — to see more clearly, move more freely, express themselves more fully.