The product candidate underlying the agreement is being developed to treat a significant CNS disorder and is based on Antares’ proprietary ATD (Advanced Transdermal Delivery) drug delivery platform, which is dedicated to the development of gels that offer a cosmetically superior option to patches.
Approved products from the same class of compounds represented worldwide sales of over $2 billion in 2006, and are projected to achieve sales of at least $3.1 billion in 2010, Antares said.
Jazz Pharmaceuticals will pay Antares upfront and product development milestone payments in addition to payments for any future development activities. Antares will also receive royalties on product sales upon commercialization. According to Antares, total milestone and minimum royalty payments could add up to $16.5 million or more over the life of the agreement.
Jazz Pharmaceuticals is responsible for the development and commercialization of the product candidate, and will cover the costs of clinical trials, regulatory filings, and all manufacturing and marketing associated with the product candidate.
Jack Stover, president and CEO of Antares, said: “Moving forward with Jazz Pharmaceuticals is another significant validation of the quality, versatility and commercial potential of our ATD delivery system. We are extremely pleased with our progress in a key therapeutic area of CNS and believe it will help patients in an important and meaningful way.”