Bristol-Myers Squibb, Allergan Enter Into Agreement For AGN-209323,

As per the terms of the agreement, Allergan is expected to grant to Bristol-Myers Squibb exclusive worldwide rights to develop, manufacture and commercialise AGN-209323 and backup compounds.

The agreement encompasses all potential indications except ophthalmology indications for products formulated for local delivery to the eye, where Allergan will retain certain rights.

Bristol-Myers Squibb is expected to make an upfront payment of $40m, potential AGN-209323 related development- and regulatory-based milestone payments of up to $373m and royalty payments on worldwide sales.

Francis Cuss, senior vice president of discovery and exploratory clinical research at Bristol-Myers Squibb, said: “There is significant unmet medical need for a more efficacious and tolerable therapy for neuropathic pain. We are pleased to have the opportunity to develop this potential first-in-class compound that could help patients prevail over chronic pain and strengthen our neuroscience pipeline.”

Scott Whitcup, executive vice president of research and development and chief scientific officer at Allergan, said: “We are fortunate to have a deep R&D pipeline, and believe that by partnering programs that extend into primary care, we can maximize the value of our science. We are excited to have a partner interested in our technology and committed to developing AGN-209323 for neuropathic pain.”

However, the effectiveness of the collaboration agreement is subject to antitrust clearance by the US Federal Trade Commission and Department of Justice, under the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary regulatory approvals.