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news.US drug manufacturer Merck & Co. has been granted an exclusive license for the schizophrenia drug lurasidone from Japan's Sumitomo Pharmaceuticals.
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The license covers all areas of the world except Japan, China, Korea and Taiwan.
Lurasidone, codenamed SM13496, is an atypical antipsychotic compound currently in phase II development for the treatment of schizophrenia, a disorder that is thought to affect 2 million Americans.
Under the terms of the new agreement, Sumitomo will receive an initial payment and milestone payments in addition to royalties on net sales, and will be able to co-promote the product in the US.
Sumitomo hopes the license will speed the development and commercialization of the drug, as well as enable the company to reinforce its operations in the US.