Tuesday, March 07, 2006

Myogen Partners with GlaxoSmithKline

Myogen signed off on a two-tiered relationship with GlaxoSmithKline (GSK) whereby first, commercialization rights to ambrisentan have been licensed to GSK for all territories ex-US and secondly, Myogen will now be responsible for marketing and distributing GSK’s Flolan (for the treatment of primary pulmonary hypertension) in the US.

Myogen President and CEO J. William Freytag noted, “The Flolan distribution agreement is expected to underwrite the development of our own commercial organization and marketing and field selling expertise in PAH, well in advance of the potential launch of ambrisentan. We believe this strategic development will accelerate our understanding of customer needs, reimbursement opportunities and market dynamics in general."

Myogen is set to receive a $20M upfront payment for the ambrisentan license agreement and may be eligible for an additional $80M in milestone payments along with stepped royalties on product sales. Flolan agreement details to follow.

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