Lundbeck, Otsuka Pharmaceutical deal

H. Lundbeck granted Otsuka co-development and commercialization rights to nalmefene for alcohol dependency in Japan. Lundbeck will receive €50 million ($67.5 million) up front and be eligible for undisclosed sales milestones, plus royalties. Lundbeck said the total value of the deal is about €100 million ($134.9 million) if all milestones are achieved. Lundbeck will fund development and be responsible for manufacturing the product in Japan. The company will also have an option to co-promote the product in Japan. Lundbeck and Otsuka plan to start Phase III testing in Japan in 2014. Lundbeck declined to disclose financial details, and Otsuka could not be reached. ...