Aurigene and Forest announced today that the two companies have entered into a collaboration agreement to discover small molecule drug candidates for a novel obesity and metabolic disorders target
February 2, 2007 (Press Release) --
Aurigene Discovery Technologies, Ltd (Aurigene), a Bangalore-based discovery services company and Forest Laboratories Holdings, Ltd., a wholly owned subsidiary of Forest Laboratories, Inc. (NYSE: FRX) announced today that the two companies have entered into a collaboration agreement to discover small molecule drug candidates for a novel obesity and metabolic disorders target. Forest selected the target and will direct the discovery collaboration.
Under the terms of the agreement, Aurigene will undertake and fund discovery and optimization of lead compounds, with close participation by Forest’s scientists. Forest will have responsibility for and will fund all subsequent drug development and commercialization activities. In addition, Forest has full ownership of the compounds developed under the collaboration with unencumbered worldwide rights. Forest will pay Aurigene undisclosed research milestones according to a pre-defined research plan, as well as sales milestones upon commercialization of compounds arising from the collaboration. Aurigene could receive over $60 million in development and sales milestone payments if a compound is successfully commercialized.
“Aurigene has been rapidly developing its small molecule discovery capabilities through a number of ongoing programs at various stages of development,” said CSN Murthy, CEO of Aurigene. “We are excited to leverage Forest’s world class development capabilities and marketing expertise. We believe that our collaboration can flourish by bringing together the complimentary strengths from both organizations. This agreement further strengthens Aurigene’s unique risk sharing model of drug discovery partnerships. We are happy to have the opportunity to work together with Forest.”
Dr. Ivan Gergel, Senior Vice President of Scientific Affairs and President of the Forest Research Institute, commented: "We look forward to working with Aurigene to discover novel drug candidates for the treatment of obesity and metabolic disorders. These conditions have significant unmet medical needs and we believe the target we have identified holds promise. Our collaboration with Aurigene is an example of the continued evolution of Forest’s business model such that we are now establishing discovery research partnerships to identify innovative compounds and to secure worldwide rights to the resulting products. Our search for capable partners led us to work with Aurigene and we are looking forward to a productive relationship."
Under the terms of the agreement, Aurigene will undertake and fund discovery and optimization of lead compounds, with close participation by Forest’s scientists. Forest will have responsibility for and will fund all subsequent drug development and commercialization activities. In addition, Forest has full ownership of the compounds developed under the collaboration with unencumbered worldwide rights. Forest will pay Aurigene undisclosed research milestones according to a pre-defined research plan, as well as sales milestones upon commercialization of compounds arising from the collaboration. Aurigene could receive over $60 million in development and sales milestone payments if a compound is successfully commercialized.
“Aurigene has been rapidly developing its small molecule discovery capabilities through a number of ongoing programs at various stages of development,” said CSN Murthy, CEO of Aurigene. “We are excited to leverage Forest’s world class development capabilities and marketing expertise. We believe that our collaboration can flourish by bringing together the complimentary strengths from both organizations. This agreement further strengthens Aurigene’s unique risk sharing model of drug discovery partnerships. We are happy to have the opportunity to work together with Forest.”
Dr. Ivan Gergel, Senior Vice President of Scientific Affairs and President of the Forest Research Institute, commented: "We look forward to working with Aurigene to discover novel drug candidates for the treatment of obesity and metabolic disorders. These conditions have significant unmet medical needs and we believe the target we have identified holds promise. Our collaboration with Aurigene is an example of the continued evolution of Forest’s business model such that we are now establishing discovery research partnerships to identify innovative compounds and to secure worldwide rights to the resulting products. Our search for capable partners led us to work with Aurigene and we are looking forward to a productive relationship."
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