Palo Alto’s Anacor Pharmaceuticals, a company developing a topical anti-fungal therapy currently in Phase 2 clinical trials, said it will receive a $40 million upfront payment and a $10 million financing commitment from Schering-Plough.
As part of the deal, Anacor enters into an exclusive, worldwide agreement with Schering-Plough for development and commercialization of the drug, called AN2690. The drug treats onychomycosis, a fungal infection of the nail and nail bed that affects 7 to 10 percent of the U.S. population.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":4922,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"D"}']See full details of the deal here.
More info is here.
Additionally, Anacor is eligible to receive payments potentially exceeding $575 million for development, regulatory and commercial milestones, and Anacor will receive double-digit royalty payments on future sales.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More