Emisphere Technologies, a biopharm company, and Novo Nordisk A/S have amended their development and license agreement under which the companies are working to develop and commercialize oral formulations of Novo Nordisk’s proprietary GLP-1 receptor agonists, which have the potential of treating Type 2 diabetes, using Emisphere’s Eligen® technology.
Per the amendment, Novo Nordisk will pay to Emisphere $10 million as a prepayment of development milestone payments that would have otherwise been paid to Emisphere upon the initiation of phase II and phase III testing of an oral GLP-1 product by Novo Nordisk. Novo Nordisk is currently conducting phase I trials for its Oral GLP-1 product candidate.
In exchange, Novo Nordisk will receive a reduction in the rate of potential future royalty payments stemming from future sales of an oral GLP-1 product developed under the Oral GLP-1 development agreement signed in 2008.
“We highly value our long-standing relationship with Novo Nordisk,” Alan L. Rubino, president and CEO of Emisphere stated in the press release. “The accelerated milestone payment will significantly assist our efforts to expedite key growth initiatives for the company.”
Under the terms of the Oral GLP-1 development agreement, Emisphere may still receive product development and sales milestone payments as well as potential future royalty payments.
Emisphere’s broad-based drug delivery technology platform is called the Eligen® Technology – the platform uses proprietary, synthetic chemical compounds to deliver a therapeutic molecule without altering its chemical form or biological integrity.
For more information visit www.emisphere.com
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