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news.Antisense Therapeutics or ANP has entered into an exclusive, world-wide license agreement with Teva Pharmaceutical Industries to develop and commercialize ATL1102.
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Under the terms of the agreement, ANP will receive an initial $2 million up-front payment. ANP also has the potential to receive payments related to the continued clinical development of ATL1102 for multiple sclerosis (MS) upon certain future development milestones, with more significant milestone payments for entry into the market, and sales targets in particular territories.
The license includes potential milestone payments of up to $100 million for the MS indication which is contingent upon completion of R&D, successful commercialization and meeting certain sales milestones, and bears inherent risks as does all pharmaceutical R&D. Teva would fund and perform all future development of ATL1102 beyond the current trial, should they decide to continue beyond that point.
If ANP fails to meet a particular development milestone regarding completion of the current ongoing, fully enrolled Phase IIa study by the agreed date in mid 2008, Teva may terminate the agreement and receive a $2 million termination fee.