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news.Genelabs Technologies has regained full development and licensing rights in Japan for its investigational lupus drug Prestara, under the terms of a termination agreement between the company and Mitsubishi Tanabe Pharma Corporation.
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Genelabs and Tanabe Seiyaku, a predecessor company to Mitsubishi Tanabe, signed their collaboration and license agreement in January 2004. The agreement provided that Tanabe was responsible for conducting all development work and obtaining regulatory approval for Prestara in Japan. Under the terms of the agreement, Genelabs received an initial $2 million non-refundable license fee.
In addition, $10 million of milestone payments were to be made on the achievement of pre-determined development goals. No additional milestone payments were received by Genelabs during the term of the agreement. Mitsubishi Tanabe continues to own common stock in the company which it purchased for $2.6 million in connection with the collaboration and license agreement.
Under the terms of the termination agreement no payments are to be made by either party.