IntraBiotics, Valeant Pharmaceuticals International deal
IBPI changed its name to Ardea Biosciences Inc. and acquired three preclinical development programs covering HIV, cancer and inflammatory diseases from VRX. The two lead candidates are AR806, a non-nucleoside reverse transcriptase inhibitor (NNRTI) that is expected to enter the clinic for HIV in 2Q07, and AR119, a selective MEK inhibitor with potential in cancer and inflammation that is expected to begin Phase I testing in 3Q07.
VRX is eligible for up to $42 million in milestones plus mid-single-digit royalties. The company also has an option to repurchase ex-U.S. and ex-Canada commercialization rights to the first HIV candidate that Ardea advances to Phase III testing. VRX said the sale is part of its previously announced strategy to focus development on Viramidine for HCV and retigabine for partial-onset seizures in patients with epilepsy. ...