The formation of this R&D collaboration partnership allows the companies to bring forward a total of eight "discovery phase" candidates by combining an equal number of programs. The collaboration also allows both companies to exclusively license the others' development-ready programs at pre-determined stages and share all development costs.
Dr. Reijo Salonen, Senior Vice President of Orion Corporation's Research and Development, commented: "I am very pleased with the collaboration agreement with Endo. This will immediately extend the Oncology R&D pipelines of both companies. The agreement is also perfectly in line with Orion's R&D strategy to focus on risk-sharing partnerships. We look forward to developing new cancer therapies for the patients jointly with Endo."
"This alliance marks another milestone in the transformation of Endo's R&D platform," said Dr. Ivan Gergel M.D., Executive Vice President, Research & Development at Endo Pharmaceuticals. "We are excited about this opportunity to collaborate with an experienced partner like Orion and look forward to continuing to bring new therapies and healthcare solutions to payers, physicians and patients. This type of collaboration fits well into our new, efficient and effective virtual R&D model."
The companies will co-develop the assets coming out of this collaboration and share all development costs. Orion will have marketing rights in Europe, including Russia, while Endo will retain marketing rights for North America. The companies will pay cross royalties to each other on sales from their respective territories, and will mutually decide the most effective method to maximize product opportunities in rest of world (ROW) territories after phase II and share ROW revenues.
Exercise of Anti-Androgen option
Concurrently with the establishment of the partnership Endo has exercised its option to license the lead asset in this collaboration discovered at Orion, i.e. a novel androgen-receptor antagonist for the treatment of advanced prostate cancer which will be developed jointly by both companies for approval globally. It will be entering into phase 1 clinical trials in the near future.
About Endo
Endo Pharmaceuticals is a U.S.-based, specialty healthcare solutions company, focused on high-value branded products and specialty generics. Endo is redefining its position in the healthcare marketplace by anticipating and embracing the evolution of health decisions based on the need for high-quality and cost-effective care. We aim to be the premier partner to healthcare professionals and payment providers, delivering an innovative suite of complementary diagnostics, drugs, devices and clinical data to meet the needs of patients in areas such as pain, urology, oncology and endocrinology. For more information about Endo Pharmaceuticals, and its wholly owned subsidiaries HealthTronics, Inc. and Qualitest Pharmaceuticals, please visit www.endo.com.
About Orion
Orion is an innovative European R&D-based pharmaceutical and diagnostic company with a special emphasis on developing medicinal treatments and diagnostic tests for global markets. Orion develops, manufactures and markets human and veterinary pharmaceuticals, active pharmaceutical ingredients and diagnostic tests. Orion's pharmaceutical R&D focuses on the following core therapy areas: central nervous system drugs, cancer and critical care drugs, and Easyhaler® pulmonary drugs.
The Group's net sales in 2009 amounted to EUR 772 million. The Company invested EUR 95 million in research and development. At the end of 2009, the Group had a total of 3,100 employees, of whom 2,500 worked in Finland and 600 in other European countries. Orion's A and B shares are listed on NASDAQ OMX Helsinki. For more information, please vistit www.orion.fi/en.
Orion markets and distributes European-wide Endo's product Vantas®.
Orion Corporation
Contact persons:
Orion Corporation: Reijo Salonen, Senior Vice President, Research and Development tel. +358 50 966 3647
Endo Pharmaceuticals: Kevin M. Wiggins, Corporate Communications
tel. +1 610 459 7281
Publisher:
Orion Corporation
Communications
Orionintie 1A, FI-02200 Espoo
www.orion.fi
Orion is an innovative European R&D-based pharmaceutical and diagnostic company with a special emphasis on developing medicinal treatments and diagnostic tests for global markets. Orion develops, manufactures and markets human and veterinary pharmaceuticals, active pharmaceutical ingredients and diagnostic tests. Orion's pharmaceutical R&D focuses on the following core therapy areas: central nervous system drugs, cancer and critical care drugs, and Easyhaler® pulmonary drugs.
The Group's net sales in 2009 amounted to EUR 772 million. The Company invested EUR 95 million in research and development. At the end of 2009, the Group had a total of 3,100 employees, of whom 2,500 worked in Finland and 600 in other European countries. Orion's A and B shares are listed on NASDAQ OMX Helsinki.