|
|
Article: Praecis Settles with Amgen over Development of Prostate Cancer Drug.
- Article from:
- Daily News (Los Angeles, CA)
- Article date:
- August 22, 2002
CopyrightCOPYRIGHT 2002 Daily News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Evan Pondel
Aug. 22--THOUSAND OAKS, Calif.--Praecis Pharmaceuticals will pay Amgen Inc. $13 million in settlement fees to finalize the drawn-out development of a prostate cancer drug.
Last fall, Amgen Inc. dropped agreements with Waltham, Mass.-based Praecis to clamp down on business ventures that have stalled. The Food and Drug Administration previously rejected Praecis' application to market Plenaxis, a prostate cancer drug that was developed in conjunction with Amgen.
"The $13 million is a small amount of money for Amgen and probably a more reasonable amount for Praecis," said Stefan Loren, analyst with Legg Mason in Baltimore. "But ...