New Delhi, Mar 1 (UNI) Leading contract research organisation PPD Inc has acquired a worldwide license to develop, manufacture and market Ranbaxy's 'statin' for the treatment of dyslipidemia.
Under the terms of the agreement, Ranbaxy will receive huge payments after specified clinical events. In the event of approval to market a drug product, the company will be entitled to receive royalties on sales of the drug and sales-based milestones.
PPD will be responsible for all costs and expenses associated with the development and commercialisation of the compound, including preclinical and clinical studies.
Ranbaxy has retained co-marketing rights to the compound in India.
''We are pleased to partner with PPD in taking forward this potential drug promising superior treatment for dyslipidemia and related areas,'' Ranbaxy chief executive officer and managing director Malvinder Singh said.
Company's Vice President New Drug Discovery Research Pradip Bhatnagar said this is the second compound from New Drug Discovery Research to have achieved this milestone.
According to the American Heart Association, statins are the most widely prescribed class of drugs for lowering cholesterol.
PPD provides discovery, development and post-approval services as well as compound partnering programmes to pharmaceutical, biotechnology, medical device, academic and government organizations.
UNI
Under the terms of the agreement, Ranbaxy will receive huge payments after specified clinical events. In the event of approval to market a drug product, the company will be entitled to receive royalties on sales of the drug and sales-based milestones.
PPD will be responsible for all costs and expenses associated with the development and commercialisation of the compound, including preclinical and clinical studies.
Ranbaxy has retained co-marketing rights to the compound in India.
''We are pleased to partner with PPD in taking forward this potential drug promising superior treatment for dyslipidemia and related areas,'' Ranbaxy chief executive officer and managing director Malvinder Singh said.
Company's Vice President New Drug Discovery Research Pradip Bhatnagar said this is the second compound from New Drug Discovery Research to have achieved this milestone.
According to the American Heart Association, statins are the most widely prescribed class of drugs for lowering cholesterol.
PPD provides discovery, development and post-approval services as well as compound partnering programmes to pharmaceutical, biotechnology, medical device, academic and government organizations.
UNI
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