Novo Nordisk and Merrion expand deal
This article was originally published in Scrip
Novo Nordiskand Merrion Pharmaceuticalshave signed another development and licence agreement for the production of oral insulin formulations of a GLP-1 receptor agonist using the Irish company's GIPET technology. Novo Nordisk will pay Merrion $58 million for the first marketed product developed under the agreement and will be responsible for the development and commercialisation of all product candidates. Merrion will develop and manufacture initial clinical batches of the product, which will be overseen by a joint development committee. Novo Nordisk may also develop additional oral formulations of its GLP-1 receptor agonist compounds using the GIPET technology, in which case Merrion would receive additional milestone payments for any products developed. Novo Nordisk will buy 300,000 of Merrion's new ordinary shares for €3 per share. The two companies signed a development agreement for oral insulin analogues in November (ScripOnline, December 2nd, 2008).