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news.NPS Pharmaceuticals has brought an end to its collaboration with AstraZeneca to discover and develop drugs targeting metabotropic glutamate receptors.
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AstraZeneca has agreed to pay $30 million to acquire NPS’s assets. NPS intends to use the proceeds to support further development of its late-stage product pipeline. Under the terms of the agreement, NPS will no longer provide research support for or maintain interests in any drugs discovered, developed and commercialized under this program.
Dr Tony Coles, president and CEO of NPS, said: “Monetizing our interests in the metabotropic glutamate receptors (mGluR) program at this time enables us to create greater near-term value for NPS shareholders.
“This strategic move creates investment flexibility for NPS and enables us to use the monies from this deal, the previously announced Nycomed Gattex deal and the approximately $10 million in savings over the next two years from this transaction to support the further development of our late-stage pipeline products, Preos and Gattex, in specialty indications.”