antiquity
02-18-2002, 08:04 AM
Lundbeck<LUN.CO> in licence deal with U.S. firm
COPENHAGEN, Feb 18 (Reuters) - Danish pharmaceuticals group Lundbeck <LUN.CO> said on Monday it had entered a licensing agreement and an equity investment in U.S.-based private-owned biotech firm Warren Pharmaceuticals Inc.
Lundbeck has licensed certain rights to Warren Pharmaceuticals' proprietary tissue protective technology, Lundbeck said in a statement.
"We are impressed by Warren's scientific achievements which open a new avenue for the treatment of neurodegenerative disorders," Lundbeck head of research and development Claus Braestrup said.
Lundbeck also said it had invested $5 million in the biotech firm. Danish biotech venture fund BankInvest Biomedical Venture has also invested $5 million in Warren Pharmaceuticals.
The deal is part of Lundbeck's strategy to make itself less dependant on the sale of its antidepressant drug Cipramil/Celexa, which accounts for more than 80 percent of its total revenues.
At 1403 GMT, Lundbeck shares were one crown or 0.45 percent down at 220 crowns.
Copenhagen bourse`s top-20 KFX index <.KFX> and Dow Jones Europe health index <.SXDP>, both of which Lundbeck is a member, were off one percent and 0.34 percent respectively.
Animal studies showed potential use of the technology for treatment of brain and spine injury and Alzheimer's disease, Lundbeck said.
COPENHAGEN, Feb 18 (Reuters) - Danish pharmaceuticals group Lundbeck <LUN.CO> said on Monday it had entered a licensing agreement and an equity investment in U.S.-based private-owned biotech firm Warren Pharmaceuticals Inc.
Lundbeck has licensed certain rights to Warren Pharmaceuticals' proprietary tissue protective technology, Lundbeck said in a statement.
"We are impressed by Warren's scientific achievements which open a new avenue for the treatment of neurodegenerative disorders," Lundbeck head of research and development Claus Braestrup said.
Lundbeck also said it had invested $5 million in the biotech firm. Danish biotech venture fund BankInvest Biomedical Venture has also invested $5 million in Warren Pharmaceuticals.
The deal is part of Lundbeck's strategy to make itself less dependant on the sale of its antidepressant drug Cipramil/Celexa, which accounts for more than 80 percent of its total revenues.
At 1403 GMT, Lundbeck shares were one crown or 0.45 percent down at 220 crowns.
Copenhagen bourse`s top-20 KFX index <.KFX> and Dow Jones Europe health index <.SXDP>, both of which Lundbeck is a member, were off one percent and 0.34 percent respectively.
Animal studies showed potential use of the technology for treatment of brain and spine injury and Alzheimer's disease, Lundbeck said.