Anacor Signed Worldwide Exclusive License Agreement with Schering-Plough for New Topical Anti-Fungal, AN2690
A privately held pharmaceutical company – Anacor Pharmaceuticals (14194587) – has recently entered into an exclusive, worldwide agreement with Schering-Plough Corporation (NYSE: SGP) for the development and commercialization of AN2690.
AN2690 is Anacor Pharmaceuticals’ topical anti-fungal therapy under Phase II clinical trials for onychomycosis.
AN2690 is a topical anti-fungal that works by inhibiting a validated drug target in a novel and unprecedented manner. It was identified utilizing Anacor's proprietary boron chemistry platform. Preclinical studies demonstrated that AN2690 disseminates rapidly throughout the nail and kills the fungus at the site of infection.
Onychomycosis is a fungal infection of the nail and nail bed affecting 7 to 10 percent of the U.S. population.
The terms of agreement include:
- Anacor will receive a $40 million upfront payment and a $10 million financing commitment from Schering-Plough.
- Anacor is eligible to receive payments potentially exceeding $575 million for development, regulatory and commercial milestones.
- Anacor will receive double-digit royalty payments on future sales.
- Schering-Plough will assume all costs for the drug's development for onychomycosis and other indications.
- Anacor retains an option to co-promote the drug in the United States to dermatologists.
The said transaction is expected to close in the first quarter of 2007.
Read the full press release.
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