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12:00 AM
 | 
Apr 13, 2009
 |  BioCentury  |  Finance

Cardiome chronicles

Cardiome chronicles

Since the start of 2001, when Cardiome Pharma Corp. (TSX:COM; NASDAQ:CRME) began to focus on the cardiac area, the Canadian biotech has raised at least $200 million and been able to cash in on its lead program, vernakalant, with two deals valued at nearly $900 million.Last week, Cardiome granted Merck & Co. Inc. (NYSE:MRK) rights to develop and commercialize IV and oral formulations of the mixed ion channel antagonist. The deal includes exclusive, worldwide rights to the oral formulation, which has completed Phase IIb testing for the long-term prevention of atrial fibrillation (AF) recurrence. For the IV formulation, Merck gets exclusive rights outside the U.S., Canada and Mexico. Cardiome and partner Astellas Pharma Inc. (Tokyo:4503), which has commercialization rights in North America, received an approvable letter from FDA for the Kynapid IV formulation last August.The deal with Astellas, originally signed in 2003 with Fujisawa Pharmaceutical Co. Ltd., was valued at $68 million, including $14 million in upfront/equity payments and up to $54 million in milestones,...

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