EATONTOWN, N.J., June 16 /PRNewswire/ -- Roberts Pharmaceutical
Corporation (Amex: RPC) today announced it has agreed to out-license to Adolor
Corporation the compound LY246736, a gastrointestinal (GI) agent in the early
stages of development.
Adolor, a biopharmaceutical company headquartered in Malvern, PA, is
engaged in the development of novel analgesics and related therapeutics based
upon proprietary chemistry and receptor technology.
LY246736 is a potent, oral, and peripherally selective opioid receptor
antagonist. Due to its pharmacological activity, LY246736 has demonstrated in
pre-clinical and pilot human studies an ability to reverse opioid induced
prolongation of GI transit time. Further investigation will explore the
product's utility in treating narcotic induced constipation.
Roberts said that out-licensing LY246736 is consistent with its strategy
to maximize, within the shortest time possible, returns on its R&D investments
by focusing those resources on the internal development of compounds that are
further advanced in its pipeline.
John T. Spitznagel, Roberts' President and CEO noted, "LY246736 is one of
several novel compounds obtained by Roberts in a prior acquisition of Lilly's
(NYSE: LLY) GI pipeline which includes Tazofelone, at Phase II for
inflammatory bowel disease, and LY315535 which is actively moving through
Phase I studies for a large, unsatisfied market for the treatment of
functional bowel disorders."
"We have set priorities to expedite the commercialization of our pipeline
and are pursuing the development of several compounds that are already at the
Phase I to Phase III clinical stages," said Mr. Spitznagel. "By out-licensing
LY246736 we see an opportunity to accelerate the development of this earlier
stage compound and, in turn, recognize immediate and near term benefits from a
product that might otherwise be many years away from the market."
Details of the transaction were not disclosed, but Roberts said it will
receive an up front, non-refundable, cash payment for granting Adolor a
13-month exclusive worldwide option. During this option period, Adolor will
complete Phase I studies of LY246736. If Adolor then exercises its option to
license the compound, Roberts would receive a second cash payment, followed by
milestone fees, and a royalty on future sales. Additionally, Adolor has
agreed to provide Roberts with an opportunity to negotiate for a sublicense to
market any product resulting from the commercialization of LY246736 should
Adolor decide to seek or consider a third-party offer for such marketing
rights.
Roberts Pharmaceutical Corporation, with operating subsidiaries in the
United States, Canada and the United Kingdom, focuses on licensing, acquiring,
developing and commercializing innovative pharmaceuticals.
This release may contain forward-looking statements which reflect
management's current views of future events and operations. These
forward-looking statements are based on assumptions and external factors,
including assumptions relating to regulatory action, product pricing,
competitive market conditions, financial data, and other risks or
uncertainties detailed from time to time in Roberts filings with the
Securities and Exchange Commission. These forward-looking statements
represent the Company's judgment as of the date of this release and any
changes in the assumptions or external factors could produce significantly
different results.
SOURCE Roberts Pharmaceutical Corporation
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Roberts Pharmaceutical Corporation are available through PR
Newswire's Company News On-Call fax service at 800-758-5804,
extension 760975 and on the Internet at
http://www.prnewswire.com and
http://www.robertspharm.com.
CONTACT:
Stuart Z. Levine, Ph.D., Director of Investor
Relations of Roberts Pharmaceutical, 732-389-1182, ext. 3064
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