Under the terms of the agreement, Flamel will receive a cash payment from BMS, as well as recovering rights to data produced in connection with the collaboration, including the results of a phase IIa study of Basulin.
Dr Gerard Soula, Flamel’s founder, president and CEO, said: “While we regret that we will not be moving forward anymore with Bristol-Myers Squibb on this important project, we are pleased to have concluded the agreement with certain payments to us and the recovery of this important clinical data on Basulin.”
In September 2004, BMS informed Flamel that it had decided to terminate the license agreement dated August 26, 2003 for Basulin. BMS said its decision was made in line with its recent restructuring and pipeline reprioritizing.