As a result, Albany Molecular Research (AMRI) will receive a $1.5 million milestone payment from Bristol-Myers Squibb Company for the nomination of this clinical candidate, marking the third milestone in the ongoing research collaboration between the two companies to develop improved treatments for depression and diseases of the central nervous system.
AMRI said that this is the first milestone for this second candidate to emerge from the collaboration. Under the collaborative agreement, AMRI is eligible to receive up to $66 million per compound in development and regulatory milestone payments for the first two compounds, and additional payments of up to $22 million per compound on subsequent compounds. In addition, AMRI will receive royalties on worldwide sales of commercialized compounds.
Under the 2005 licensing agreement, Bristol-Myers Squibb received an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from AMRI’s proprietary research program. The two companies will continue to evaluate additional compounds under this collaboration.