Cadila, NovaSAID ties up for drug development
Firms will collaborate around preclinical and clinical development of drug candidates that have been developed by NovaSAID
Mumbai: Ahmedabad-based Cadila Pharmaceuticals Ltd. and the Swedish drug researcher NovaSAID AB have formed a drug development partnership for new treatments in the area of inflammation and pain management.
The companies will collaborate around preclinical and clinical development of drug candidates that have been developed by NovaSAID and the development will be conducted at Cadila Pharmaceuticals’ research facility in Ahmedabad, a media statement said on Monday.
As per the agreement, marketing rights on new products in India, the Middle East and Africa will be retained by Cadila and the revenue from sales in all other countries will be shared by the two companies. Cadila, a privately held drugmaker, will bear all costs associated with the program at the laboratory stage.
“We have entered this partnership combining scientific expertise of NovaSAID and our drug development capabilities to work towards novel solutions in treatment of pain and inflammation, which is one of the largest therapy areas," said Rajiv I Modi, chairman and managing director, Cadila Pharmaceuticals, in the statement.
“This partnership gives the shareholders of NovaSAID the opportunity to take the company forward with great resources and no further costs. If successfully developed, valuable deals could be signed in major territories such as the US and Europe to the benefit for Karolinska Development’s shareholders", said Torbjörn Bjerke, chief executive officer of NASDAQ-listed Karolinska Development, the holding company of NovaSAID.
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