As per the agreement, Penwest is expected to receive undisclosed fees and payments from Otsuka.
Jennifer Good, president and CEO of Penwest, said: “We are very pleased to have signed another research and development agreement with Otsuka. Otsuka is an important customer for us, and our scientific team will continue to work closely with them to successfully formulate their compounds.”
Penwest has announced its first agreement with Otsuka in September 2007, the second in November 2008, and a third in June 2009. The company has also announced in October 2009, that one of the formulations from the first agreement demonstrated proof-of-principal in a phase I trial conducted by Otsuka. Penwest received a financial payment for successfully achieving this milestone.