Astex achieves drug discovery collaboration success with Schering AG
Cambridge, UK. Astex Technology announced that it has completed a significant goal in its multi-target drug discovery collaboration with Schering AG. Financial terms were not disclosed.
The collaboration was announced in May 2003 and is a four-year, multi-target based alliance for the discovery of novel drugs for various therapeutic indications with a particular focus on orally available small molecule drugs targeting solid tumours.
Under the terms of the agreement, Schering will fund Astex's research programs relating to the collaboration, providing discovery and clinical milestone payments plus royalties based on the sales of each product that reaches market approval. Schering will be responsible for clinical development and has an option to retain worldwide, exclusive marketing rights for all identified compounds.
Tim Haines, Chief Executive of Astex, said, "This latest research and development achievement underscores the benefits to Astex and Schering from our constructive, ongoing collaboration towards the development of novel drug molecules through fragment-based discovery."
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