Wyeth also bought 4.9% of ALS’ shares.
Wyeth Pharmaceuticals signed a development and commercialization agreement valued at $100 million for Advanced Life Sciences’ (ALS) antibiotic cethromycin in the Asia Pacific region excluding Japan. Furthermore, Wyeth purchased common stock representing approximately 4.9% of ALS’ total outstanding shares.
ALS has submitted an NDA for cethromycin as a treatment for mild-to-moderate community acquired pneumonia (CAP). The firm retains exclusive rights to cethromycin in the rest of the world, while Abbott Labs owns Japanese rights.
Under the terms of the agreement with Wyeth, ALS will receive milestone fees based on successful achievement of clinical, regulatory, and commercial objectives in specific markets. ALS and Wyeth will collaborate to develop additional clinical data in the Asia Pacific region to support regulatory filings.