Molecular Insight acquires license

A Cambridge biopharmaceutical company has acquired a license for a compound that could be used in a treatment of malignant melanoma.

Molecular Insight Pharmaceuticals Inc. said today it has entered into a worldwide, exclusive licensing agreement with Bayer Schering Pharma to acquire the compound ZK-BA.

Under the terms of the agreement, Molecular Insight Pharmaceuticals will pay Bayer Schering a licensing fee and additional payments upon completion of certain regulatory milestones, with royalties payable to Bayer Schering upon commercialization of the product, the companies said.

Further terms of the transaction were not disclosed.

According to the companies, there are about 48,000 new cases of melanoma in United States annually and about 15,000 deaths.
(By Chris Reidy, Globe staff)