Neose Technologies and Novo Nordisk Sign License Agreements for Improved Therapeutic Proteins

Up to $55.6 Million in Upfront and Milestone Payments

21-Nov-2003

Neose Technologies, Inc. announced that it has entered into two research, development and license agreements with Novo Nordisk A/S to use Neose's GlycoPEGylation(TM) technology to develop three next-generation proteins within Novo Nordisk's therapeutic areas, one of which is currently marketed by them.

The license agreements are the result of the research and development collaboration agreements Neose and Novo Nordisk executed in 2002 and the successful application of Neose's GlycoPEGylation technology to three complex proteins.

Under the terms of the new agreements, Neose will receive a $4.3 million upfront fee and up to $51.3 million in milestone payments based on the progress of the programs. Novo Nordisk is responsible for funding Neose's research and development activities under the agreements, and Neose will receive royalties on sales of any products commercialized under the agreements. In addition, Neose could receive additional milestones and royalties on new indications for the two proteins not currently marketed by Novo Nordisk.

"We are pleased that the success of our original collaboration with Novo Nordisk has led to a broader collaboration on multiple proteins for various indications. Our work with Novo Nordisk highlights the potential of our GlycoPEGylation technology to make clinically significant improvements to therapeutic proteins," said C. Boyd Clarke, Neose president, chief executive officer and chairman. "We look forward to moving into the next phase of developing these proteins with a leader in the field."

https://www.bionity.com/en/news/31949/neose-technologies-and-novo-nordisk-sign-license-agreements-for-improved-therapeutic-proteins.html