Neurocrine, Ciba-Geigy Ltd. deal

The companies agreed to develop and commercialize a new drug to treat multiple sclerosis using Neurocrine's altered peptide ligands (APLs). APLs have been shown to suppress destructive immune system T cells in animal models. The companies anticipate filing an IND within the year.

Ciba made an initial $5 million equity investment in Neurocrine, and will purchase an additional $5 million of Neurocrine's IPO (see Offerings, B11). Ciba will provide $12 million in license fees and R&D funding over the first two years of the agreement, after which it will provide an additional $15.5 million for R&D. ...