Sciele Pharma signs contract with Addrenex
ATLANTA --Specialty pharmaceutical company Sciele Pharma Inc. said Tuesday it signed a deal for marketing rights to Addrenex Pharmaceuticals Inc.'s drug compound ADX415, which could potentially treat high blood pressure and other conditions.
Financial details of the deal were not disclosed.
Sciele said it will have worldwide marketing rights to ADX415 and pay development costs. It will also make regulatory milestone and royalty payments to Durham, N.C.-based Addrenex.
The companies plan to start midstage studies on the drug candidate for hypertension in the second half of 2008.
Sciele said the deal provides the company with a product in Phase II clinical development, expanding its pipeline beyond 2010.
Shares of Sciele rose 17 cents to $19.52 in afternoon trading. 