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Article: Neurocrine Biosciences Acquires Wyeth's Indiplon Royalty Stream; Company to Host Conference Call and Webcast Friday, February 27, 2004.
- Article from:
- PR Newswire
- Article date:
- February 26, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. 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)
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Neurocrine Biosciences, Inc. today announced it has purchased from Wyeth all of Wyeth's financial interest in indiplon, Neurocrine's late stage clinical development compound for the treatment of insomnia. Neurocrine will now retain all milestone, royalty and other payments on indiplon commercialization that would have otherwise been payable to Wyeth. The transaction also provides Neurocrine ownership and control over the indiplon composition of matter patent which expires in 2020.
The transaction is valued at approximately $95 million, with $50 million payable in cash and $45 million payable in Neurocrine common stock at a 15 day average price preceding the ...