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UPDATE 1-Valeant picks up AstraZeneca psoriasis drug after Amgen exit

Published 2015-09-01, 03:30 a/m
© Reuters. UPDATE 1-Valeant picks up AstraZeneca psoriasis drug after Amgen exit

(Adds further details on Amgen previously dropping drug)
Sept 1 (Reuters) - Canada's Valeant Pharmaceuticals (NYSE:VRX)
International Inc VRX.TO VRX.N is buying rights to
AstraZeneca Plc's AZN.L late-stage experimental psoriasis drug
brodalumab after it was dropped by Amgen Inc AMGN.O in May.
Amgen pulled out of the project because suicidal thoughts
were observed in some patients taking the medicine, casting a
shadow over its prospects.
Valeant said on Tuesday it would make an upfront payment of
$100 million to AstraZeneca, and additional pre-launch milestone
payments of up to $170 million and sales-related milestone
payments of up to $175 million following the launch.
Regulatory submissions in the United States and Europe for
brodalumab in moderate-to-severe psoriasis are planned for the
fourth quarter of 2015.
The arrangement excludes Japan and certain other Asian
countries where rights to the drug are held by Kyowa Hakko Kirin
Co 4151.T .
Brodalumab belongs to a class of drugs called IL-17
inhibitors that work by blocking a signaling pathway that plays
a key role in inducing and promoting inflammatory diseases.
Psoriasis is a chronic autoimmune disease in which the growth
cycle of skin cells is accelerated.
AstraZeneca said the deal, which is expected to complete in
the fourth quarter of 2015, would not materially impact its
financial forecasts for 2015. Income from the upfront and
milestone payments will be reported as "externalisation
revenue".

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