PTC Therapeutics (PTC) has received a research milestone of $2m in its collaboration with Schering-Plough. The payment is in connection with the designation of a development candidate for the treatment of hepatitis C virus (HCV) infection.
The collaboration was started in March 2006, based on PTC’s HCV efforts that were initiated using the GEMS technology (Gene Expression Modulation through Small Molecules).
Under the terms of the collaboration, PTC and Schering-Plough are conducting a joint research program and the latter will be responsible for development and commercialization efforts worldwide.
Reportedly, Schering-Plough made an upfront payment of $12m in 2006 and PTC may earn additional milestone payments if specific development, regulatory and commercial goals are achieved.
In addition to that, the total payments to PTC could exceed $200m. Schering-Plough will receive exclusive worldwide commercialization rights for any approved products and pay PTC royalties on worldwide net sales.
Stuart Peltz, president and CEO of PTC, said: This important milestone represents the third development candidate arising from our novel technologies and research efforts and demonstrates PTC’s ability to identify potential treatments across multiple therapeutic areas. We are very gratified to reach this milestone with Schering-Plough, a recognized leader in antiviral research and a wonderful partner to PTC.
Hepatitis C is an area of great unmet medical need and we are pleased to be on the road to provide additional treatment options for patients, he added.