Allergan Inks R&D; Pact
<i> Bloomberg News</i>
Allergan Inc. will receive as much as $104 million from Warner-Lambert Co. under an agreement to research and develop treatments for adult onset diabetes, the companies said Wednesday.
The therapy will involve Allergan’s developmental drugs based on retinoids, which are byproducts of Vitamin A, and Warner-Lambert’s research into metabolic diseases.
Under the agreement, Warner-Lambert, which makes drugs and consumer products, will get exclusive worldwide rights to develop and market as many as two drugs the companies develop.
The value of the transaction represents so-called milestone payments that Allergan would receive for developing two compounds. Irvine-based Allergan makes products to treat eye and skin disorders.
