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Arena Pharmaceuticals Lands Rare Deal With J&J Subsidiary; Funding, Then Trials; CEO says chance to be involved with the "next big thing" sealed deal.(HEALTH & MEDICINE)(Q & A)
Publication: Investor's Business Daily Publication Date: 28-FEB-05 |
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COPYRIGHT 2005 Investor's Business Daily, Inc.
Byline: PETER BENESH
Most biotech firms are lucky to get cash infusions from big drug firms once a product has proved itself in clinical trials.
Arena Pharmaceuticals, a San Diego-based biotech, broke the mold.
In December it signed what it claims is the biggest deal ever for preclinical funding. The deal is valued at up to $295 million. Arena's new partner -- and cash cow -- is Ortho-McNeil Pharmaceutical, a division of Johnson & Johnson.
The partnership has been set up to develop and market a compound to fight type 2 diabetes. Arena got $17.5 million cash upfront. As it meets benchmarks, the payments could hit $295 million -- even before the product gets to market.
The big payoff will...
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