Pozen signs new drug partnership, stock jumps
Published: Wed, Aug. 02, 2006 10:50AM
Modified Wed, Aug. 02, 2006 10:55AM
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closeChapel Hill-based Pozen announced this morning it would team up with London-based AstraZeneca to develop a new pain killer with reduced stomach discomfort, a deal that could be worth up to $375 million to the Triangle pharmaceutical company.
The intent of the collaboration is to produce a pain reliever without the side effects of products like Ibuprofen that have been linked with stomach ulcers.
Under the agreement, Pozen will be responsible for the development and regulatory filings in the United States, while AstraZeneca will handle filings outside the United States, as well as all aspects of manufacturing, marketing, sales and distribution worldwide.
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AstraZeneca will pay Pozen an up-front fee of $40 million. Pozen stands to receive $160 million for meeting regulatory and development milestones and $175 million for meeting sales milestones.
Pozen has a similar partnership to develop a migraine drug with another British pharmaceutical company, GlaxoSmithKline.
Pozen shares jumped more than 30 percent in early trading. The stock has nearly doubled since closing at a low of $5.52 in early June.
Staff writer John Murawski can be reached at 829-8932 or murawski@newsobserver.com.
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