Ardea Biosciences received its first milestone payment of $0.5 million from Valeant Pharmaceuticals. The fee was triggered by Valeant's selection of several pre-IND candidates for its potassium-channel opener program.
In December 2006, Ardea bought certain discovery and preclinical assets from Valeant. Separately, Valeant also signed a deal to pay Ardea for research on unidentified neurological treatments.
"Starting with a very interesting first-generation compound, we have successfully improved its metabolic and pharmacokinetic properties, while increasing potency by up to 50-fold,” says Barry D. Quart, president and CEO of Ardea. “We are pleased to be recognized for achieving this important milestone and for its validation of our fully-integrated discovery, research, and development platform.”