June 8, 2010 -
TransTech Pharma, Inc and
Forest Laboratories, Inc. (NYSE: FRX), announced that TransTech Pharma and Forest Laboratories Holdings Limited, a wholly owned subsidiary of Forest Laboratories, Inc. have entered into a license agreement for the development and commercialization of small molecule compounds discovered and developed by TransTech Pharma. These compounds are functionally liver-selective Glucokinase Activators (GKAs), which represent a novel class of glucose-lowering agents for the treatment of diabetes.
Through the license agreement, Forest will provide to TransTech Pharma an upfront license payment of $50 million. TransTech Pharma could receive up to $1.105 billion in upfront and milestone payments for the successful development and commercialization of the GKA compounds. Forest will also pay TransTech Pharma royalties on worldwide product sales and will be responsible for development and commercialization costs. TransTech Pharma retains the rights to the Middle East and North Africa, while Forest receives exclusive rights to the rest of the worldwide market. The portfolio licensed by Forest consists of a lead compound, TTP399, which has completed Phase I studies and other compounds in Phase I and pre-clinical stages of development...
TransTech Pharma's Press Release -
Forest Laboratories' Press Release -
