AMRI gains US$3m payment from Bristol-Myers Squibb
For the initiation of a Phase II study of an AMRI compound
Albany Molecular Research Inc (AMRI) is to receive a US$3m milestone payment from Bristol-Myers Squibb resulting from a recently initiated Phase II clinical trial of an AMRI compound exclusively licensed to Bristol-Myers Squibb.
This is the sixth payment originating from a 2005 agreement in which AMRI licensed to Bristol-Myers Squibb its technology concerning central nervous system (CNS) triple reuptake transporter inhibitors as potential treatments for depression and CNS diseases. This payment brings the total fees earned by AMRI related to the agreement to $22.75m.
AMRI has also received $10m in research collaboration fees. In addition to the compound entering Phase II clinical evaluation, Bristol-Myers Squibb is continuing to evaluate other compounds for depression and other indications.
Under the agreement, AMRI is eligible to receive up to $66m in development and regulatory milestone payments per compound for the first two compounds and payments of up to $22m per compound on subsequent products. AMRI will also receive royalties on worldwide sales of any commercialised compounds.