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news.Biogen Idec and Mondobiotech AG have signed an exclusive collaboration and license agreement for Biogen Idec to develop, manufacture and commercialize Aviptadil, a treatment for pulmonary arterial hypertension.
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Swiss biotechnology company Mondobiotech will receive a $7.5 million upfront payment and up to $30 million in milestones payments for successful development and commercialization of Aviptadil in PAH in the US and Europe, as well as royalty payments on commercial sales. Separately, Biogen Idec intends to make a minority equity investment of $5 million in Mondobiotech during an envisaged initial public offering.
“This in-licensing opportunity supports our strategic initiative to expand into new therapeutic areas where we can leverage our global capabilities in serving specialized medical markets with high unmet need,” said James Mullen, Biogen Idec’s president and CEO.
Biogen Idec will be responsible for the global manufacturing, clinical development, regulatory approval and commercialization of Aviptadil. Biogen Idec intends to finalize the development plan for Aviptadil and initiate additional clinical work in 2007.