Genzyme and Osiris partner on stem-cell program
Genzyme Corp. and Osiris Therapeutics Inc. said today they will partner to develop and commercialize adult stem cell products with the potential to treat a variety of diseases.
In a press release describing the agreement, Genzyme of Cambridge said it will make a $130 million up-front payment to Maryland-based Osiris, with $75 million paid initially and $55 million to be paid on July 1, 2009. In addition, Osiris also has the potential to receive a total of up to $1.25 billion in milestone payments from Genzyme.
The companies said in their press release that they "have entered a strategic alliance for the development and commercialization of Prochymal and Chondrogen, two novel, late-stage adult stem cell treatments that hold significant potential to treat a wide range of diseases. These stem-cell products are designed to provide therapeutic benefit by controlling inflammation, promoting tissue regeneration, and preventing scar formation."
Under the agreement, Osiris will commercialize Prochymal and Chondrogen in the United States and Canada, and Genzyme will commercialize the treatments in all other countries, the companies said.
"This partnership further strengthens Genzyme's late-stage pipeline of products with the potential to support our growth beyond 2011," Henri A. Termeer, Genzyme's chairman and chief executive, said in a statement. "Osiris is the clear leader in stem cell technology, which holds the promise to transform standards of care in a number of therapeutic areas in which Genzyme already has a strong presence."
The companies added in their press release, "The collaboration will leverage Osiris' leadership position developing novel stem cell therapies, and Genzyme's regulatory and marketing infrastructure outside of the United States, as well as its expertise commercializing cell therapies."
(By Chris Reidy, Globe staff)
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