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news.Ireland-based Perrigo Company has transferred a portfolio of preclinical research assets, which it acquired through its December 2013 acquisition of Elan Corporation, to drug discovery and development firm, Imago Pharmaceuticals.
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As part of the deal, Perrigo will receive an upfront payment in addition to multiple development-related milestone payments and royalties on any future sales derived from the portfolio.
Imago Pharmaceuticals co-founder Irene Griswold-Prenner said: "They contribute to our internal drug development program by providing drug candidates directed against stress kinase family members.
"These preclinical assets will provide additional value through strategic partnering with third-parties on a subset of these assets.
"Included in this acquisition are intellectual property, drug candidates and a 500,000 compound CNS-focused, diversity-driven small-molecule library."
On this transaction, Perrigo is advised by JRG Ventures, a multinational retained business development and corporate growth strategy firm specializing in Life Sciences, Healthcare, Health Technology, and new disruptive technology environments.