Allergan to Buy Rights to EntreMed Eye Drug
Times Wire Services
Allergan Inc. will pay biotechnology company EntreMed Inc. as much as $41 million for rights to Panzem, an experimental drug to treat eye conditions that can lead to blindness, the companies said Wednesday.
Under a five-year agreement, EntreMed, based in Rockville, Md., will give Allergan exclusive rights to co-develop and commercialize Panzem, which blocks the formation of blood vessels under the retina. In older people, such vessels can rupture and bleed, leading to blindness.
Allergan, based in Irvine, makes eye pharmaceuticals, including the anti-wrinkle treatment Botox.
EntreMed’s shares rose 17 cents to $8 on Nasdaq. Allergan’s shares fell 41 cents to $73.85 on the New York Stock Exchange.
