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news.Biopharmaceutical drug developer Arena Pharmaceuticals has entered into a world-wide collaboration and licensing agreement with Ortho-McNeil Pharmaceutical, a Johnson & Johnson company, to further develop compounds for the potential treatment of type 2 diabetes and other disorders.
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Arena expects that the initial focus of the collaboration will be on two Arena-discovered molecules in pre-clinical development.
Under the collaboration, Arena will receive an upfront payment of $17.5 million and could receive up to $295 million for achievement of pre-specified development, approval and sales milestones for each compound developed under the collaboration. Arena is also eligible to receive low double digit royalties that will increase with rising worldwide sales levels of marketed products.
In addition, Arena will receive research funding of $4.8 million over two years. Johnson & Johnson Pharmaceutical R&D LLC, an affiliate of Ortho-McNeil, will be responsible for future development and expenses for products resulting from the collaboration.