BioTie and Aventis Develop Drug for Blood Coagulation Disorders
Turku - Finnish Biotie Therapies Corp. has reached the first milestone agreed in a commercial research and option co-ope-ration signed with Aventis S.A. in early March for the joint development of a new pharmaceutical product for the prevention and treatment of blood coagulation disorders. Consequently, Aventis will pay BioTie a Euro1 million milestone payment in addition to the signing fee (Euro1 million) during April 2004. Under the terms of the agreement, BioTie has granted Aventis an exclusive right to negotiate a license agreement as well as to assess and conduct clinical research on the BioTie-developed products. Aventis will pay BioTie during the next twelve months Euro5 million in signing fees and milestone payments. The agreement follows a preliminary evaluation by Aven-tis of BioTie's bioheparin products which met Aventis' criteria for a New Chemical Entity (NCE) to be used as the basis for a new heparin-like product. BioTie and Aventis are aiming to optimize this NCE, which is designed to become a recom-binant oral heparinoid.