COLLEGEVILLE, Pa. (AP) -- Wyeth Pharmaceuticals and Danish drugmaker Santaris Pharma said Monday they have entered a multimillion dollar agreement to develop new medicines.
Santaris will receive a $7 million payment upfront, and Madison, N.J.-based Wyeth will make a $10 million equity investment in the company, according to a statement from the drugmakers. Santaris also can receive royalties and milestone payments of up to $83 million.
The agreement centers on Santaris Pharma's Locked Nucleic Acid drug platform. Wyeth will be responsible for the development and commercialization of products that come out of the agreement.
