The information in news releases is current at the time of the release. Note that the information shown here may not be latest information (termination of production or sales, changes to specifications or pricing, organizational or contact address changes, etc.), and may be subject to change without prior notice.
|Toyama Chemical agrees to out-license T-3811, a new-type quinolone synthetic antibacterial agent, to US firm Schering-Plough|
|March 31, 2004|
Toyama Chemical Co., Ltd. (President: Katsuhiko Nakano) has agreed to grant global development, usage, and sell rights to US firm Schering-Plough Corporation (Chairman and CEO: Fred Hassan) for T-3811 (generic name: garenoxacin), a new-type quinolone synthetic antibacterial agent under development by Toyama Chemical. The parties hope to negotiate and execute definitive agreements within the next 2-3 months.
Overview of the agreement
1. Toyama Chemical will grant Schering-Plough Corporation exclusive rights to develop, use, and sell worldwide, excluding Japan, South Korea, and China.
2. The parties hope to negotiate and execute definitive agreements, within the next 2-3 months.
3. Toyama Chemical will receive payment of US$80 million after the definitive agreements are executed.
4. Toyama Chemical will also receive additional payments totaling up to US$245 million as various milestone stages in the compound's development and commercialization are reached.
5. Toyama Chemical will supply Schering-Plough Corporation with bulk product at an agreed price commensurate with sales.
T-3811 is a new-type quinolone synthetic antibacterial agent originated by Toyama Chemical . The drug initially licensed out to US firm Bristol-Myers Squibb and global clinical development was conducted by them. The clinical trials showed excellent results mainly in respiratory and surgical infections. Toyama Chemical reacquired all rights to T-3811 from Bristol-Myers Squibb in October 2003, for their commercial reasons.
Toyama Chemical Co., Ltd. constantly strives to supply the world with innovative treatment methods for infectious diseases. In collaboration with Schering-Plough Corporation, Toyama Chemical aims to achieve early approval and to grow T-3811 overseas.