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news.Ariad Pharmaceuticals has entered into a non-exclusive license agreement with Icon Medical to develop and commercialize drug-eluting stents that deliver Ariad's novel mTOR inhibitor, deforolimus, for treating coronary and peripheral vascular disease.
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Deforolimus is designed to prevent restenosis of injured vessels following interventions in which stents are used in conjunction with balloon angioplasty.
As part of the agreement, Ariad will receive an equity stake in Icon up to $27 million in payments. This will be based on achievement of certain clinical, regulatory and commercial milestones for two products and royalties on worldwide sales of all Icon medical devices delivering deforolimus. Icon will be responsible for the development and commercialization of these medical devices, and Ariad will supply deforolimus to Icon for use in these devices. Additional terms were not disclosed.
Harvey Berger, chairman and CEO of Ariad, said: “Icon’s design and manufacturing capabilities have led to highly differentiated stent platforms and bioabsorbable polymer formulations that should enable its deforolimus-eluting stents to provide substantial benefit to patients with coronary and peripheral vascular disease.”
Jay Yadav, chairman of Icon, said: “We are delighted with the opportunity to work together with the Ariad team. Having access to a well-characterized and broadly studied drug for use in drug-eluting stents should allow Icon to move ahead expeditiously in the development of our portfolio of innovative cardiovascular products for coronary and peripheral vascular disease.”