* Neurocrine to get upfront payment of $75 mln
* Eligible for milestone payments of about $500 mln
June 16 (Reuters) - Abbott Laboratories Inc and Neurocrine Biosciences Inc said they entered into a collaboration deal to develop and commercialize Neurocrine's experimental drug to treat endometriosis, a gynecological medical condition.
Under the terms of the deal, Abbott will make an upfront payment of $75 million to Neurocrine for exclusive worldwide rights to develop and commercialize the drug Elagolix.
Abbott will also get rights to develop and commercialize all of Neurocrine's next-generation gonadotropin-releasing hormone (GnRH) antagonists for women's and men's health, the companies said.
Neurocrine is also eligible for additional milestone payments of about $500 million from Abbott for achievement of certain milestones, funding for certain internal collaboration expenses and royalty payments on future product sales.
The drug, Elagolix, which has recently completed a mid-stage study in endometriosis, will also be evaluated for treatment of uterine fibroids, the companies said.
In endometriosis, pieces of the uterine lining grow outside the womb, sometimes sticking to other organs. The condition has no cure and can cause infertility.
Shares of Neurocrine closed at $4.70 Tuesday on Nasdaq, while Abbott shares closed at $48.17 Tuesday on the New York Stock Exchange.
(Reporting by Shailesh Kuber in Bangalore; Editing by Roshni Menon) Keywords: ABBOTT/ (shailesh.kuber@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: shailesh.kuber.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Eligible for milestone payments of about $500 mln
June 16 (Reuters) - Abbott Laboratories Inc and Neurocrine Biosciences Inc said they entered into a collaboration deal to develop and commercialize Neurocrine's experimental drug to treat endometriosis, a gynecological medical condition.
Under the terms of the deal, Abbott will make an upfront payment of $75 million to Neurocrine for exclusive worldwide rights to develop and commercialize the drug Elagolix.
Abbott will also get rights to develop and commercialize all of Neurocrine's next-generation gonadotropin-releasing hormone (GnRH) antagonists for women's and men's health, the companies said.
Neurocrine is also eligible for additional milestone payments of about $500 million from Abbott for achievement of certain milestones, funding for certain internal collaboration expenses and royalty payments on future product sales.
The drug, Elagolix, which has recently completed a mid-stage study in endometriosis, will also be evaluated for treatment of uterine fibroids, the companies said.
In endometriosis, pieces of the uterine lining grow outside the womb, sometimes sticking to other organs. The condition has no cure and can cause infertility.
Shares of Neurocrine closed at $4.70 Tuesday on Nasdaq, while Abbott shares closed at $48.17 Tuesday on the New York Stock Exchange.
(Reporting by Shailesh Kuber in Bangalore; Editing by Roshni Menon) Keywords: ABBOTT/ (shailesh.kuber@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: shailesh.kuber.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.