MedGenesis, Valeant Pharmaceuticals deal

MedGenesis regained all rights to glial cell line-derived neurotrophic factor (GDNF), formerly BVF-014, and related Convection Enhanced Delivery (CED) technology after it and Valeant jointly terminated a January deal. Valeant gained the program through its merger with Biovail Corp. this year. Earlier this month, Valeant said it will not pursue further development of the preclinical candidate because it did not fit with the merged company's strategic and financial focus. MedGenesis will receive $5 million in cash from Valeant to accelerate development of GDNF in PD. MedGenesis said it will also pursue development of GDNF to treat hearing loss and epilepsy (see BioCentury, Jan. 25 & Nov. 8). ...