Cambridge?s Ironwood Pharmaceuticals has struck a deal worth up to $150 million with global drug giant AstraZeneca.
The two companies will work together to develop and commercialize Ironwood?s irritable bowel syndrome treatment linaclotide in China. The drug won U.S. Food and Drug Administration approval in August.
?China is one of the fastest growing prescription medicines markets in the world and linaclotide represents a valuable opportunity to meet the needs of local patients by providing an innovative new treatment option,? said Mark Mallon, head of AstraZeneca?s China and Asia-Pacific operations.
London-based AstraZeneca agreed to make a $25 million upfront payment to Ironwood, which will be eligible for another $125 million in milestone payments depending on whether it hits certain sales targets.
Meanwhile, Ironwood agreed to deploy its sales force of about 160 people to promote AstraZeneca?s Nexium, a treatment for acid reflux disease, in the United States.
?This agreement provides our experienced clinical sales specialists with the opportunity to bring two different and effective therapies to physicians for managing their patients who have these prevalent and troublesome gastrointestinal disorders,? said Thomas McCourt, Ironwood?s chief commercial officer and senior vice president of marketing and sales.
Source: http://feedproxy.google.com/~r/bostonherald/jobfind/news/~3/s5D35lUJuZ0/view.bg
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