Gene Logic and Solvay Enter Agreement to Discover new Development Paths for Multiple Clinical Drug Candidates
News Aug 28, 2007
Gene Logic Inc. has announced that it has entered into a drug repositioning and development agreement with Solvay Pharmaceuticals to seek alternative development paths for multiple Solvay drug candidates. All of these drug candidates were discontinued or de-prioritized in clinical trials for reasons other than safety.
The agreement provides for milestones and royalties similar to those paid for development-stage in-licensing deals, discounted to account for Solvay's contribution as the originator of the compound.
The agreement also provides Gene Logic the option to receive an exclusive license to any drug candidate for which Gene Logic identifies a potential new therapeutic use that Solvay chooses not to develop. If Gene Logic elects to obtain such a license, Solvay would be entitled to success-based milestone and royalty payments.
Gene Logic's Drug Repositioning Program seeks to find alternate development paths for drug candidates with good safety records that have been de-prioritized or discontinued in clinical trials. The program offers pharmaceutical partners an approach to bolster their pipelines with high-quality drug candidates that originated from their own R&D efforts.
Eric Verpoorte, New Business Development Head of Solvay Pharmaceuticals, said "We seek to fully explore the assets coming from our own discovery and development efforts, and Gene Logic's Drug Repositioning Program is a unique and interesting approach to potentially further the value of our compound estate."