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10-17-2007, 08:59 AM
DARA BioSciences and Bayer Pharmaceuticals Corporation Sign Exclusive License Agreement
Wednesday October 17, 7:00 am ET
RALEIGH, N.C. and WEST HAVEN, Conn., Oct. 17 /PRNewswire/ -- DARA BioSciences, Inc. and Bayer Pharmaceuticals Corporation (BPC), a U.S. subsidiary of Bayer HealthCare AG signed a license agreement granting DARA BioSciences exclusive worldwide rights to a series of patents and compounds for the treatment of metabolic diseases, in particular type 2 diabetes and dyslipidemia. Lead compounds are in later preclinical development.
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Under the terms of the agreement DARA BioSciences will develop and commercialize products while Bayer will receive an upfront payment, milestone payments and royalties during the development and commercialization. In addition, Bayer has certain rights to commercialize products emanating from this development program.
Richard A. Franco, Sr., President and Chief Executive Officer, stated, "DARA BioSciences' licensing-in of the Bayer technology demonstrates our commitment to exploring new alternatives in the treatment of metabolic diseases including diabetes. This transaction also demonstrates our continuing success in executing our strategy to identify new opportunities in order to expand and diversify our product portfolio. We look forward to the opportunity to work with Bayer."
The WHO estimates that globally over 170 million people have diabetes. Type 2 diabetes accounts for 90% to 95% of all cases of diabetes. Worldwide the costs associated with treating diabetes and its complications are estimated to exceed $200 billion a year. By 2030 the prevalence of diabetes is predicted to double, driven by adverse lifestyle changes which have seen an explosion in the incidence of obesity, a risk factor for type 2 diabetes. Worldwide, diabetes is a huge and growing problem for which new treatments are needed
Wednesday October 17, 7:00 am ET
RALEIGH, N.C. and WEST HAVEN, Conn., Oct. 17 /PRNewswire/ -- DARA BioSciences, Inc. and Bayer Pharmaceuticals Corporation (BPC), a U.S. subsidiary of Bayer HealthCare AG signed a license agreement granting DARA BioSciences exclusive worldwide rights to a series of patents and compounds for the treatment of metabolic diseases, in particular type 2 diabetes and dyslipidemia. Lead compounds are in later preclinical development.
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Under the terms of the agreement DARA BioSciences will develop and commercialize products while Bayer will receive an upfront payment, milestone payments and royalties during the development and commercialization. In addition, Bayer has certain rights to commercialize products emanating from this development program.
Richard A. Franco, Sr., President and Chief Executive Officer, stated, "DARA BioSciences' licensing-in of the Bayer technology demonstrates our commitment to exploring new alternatives in the treatment of metabolic diseases including diabetes. This transaction also demonstrates our continuing success in executing our strategy to identify new opportunities in order to expand and diversify our product portfolio. We look forward to the opportunity to work with Bayer."
The WHO estimates that globally over 170 million people have diabetes. Type 2 diabetes accounts for 90% to 95% of all cases of diabetes. Worldwide the costs associated with treating diabetes and its complications are estimated to exceed $200 billion a year. By 2030 the prevalence of diabetes is predicted to double, driven by adverse lifestyle changes which have seen an explosion in the incidence of obesity, a risk factor for type 2 diabetes. Worldwide, diabetes is a huge and growing problem for which new treatments are needed