Biogen Idec and Cardiokine Partner to Develop Lixivaptan
Biogen Idec and Cardiokine announced the signing of an agreement to jointly develop lixivaptan, an oral compound expected to enter a Phase III clinical trial this year for the potential treatment of hyponatremia — an imbalance of sodium and water in the body — in patients with congestive heart failure.
Under terms of the agreement, Cardiokine will receive a $50 million upfront payment and up to $170 million in additional milestone payments for successful development and global commercialization of lixivaptan, as well as royalties on commercial sales, Biogen Idec and Cardiokine said.
Biogen Idec will be responsible for the global commercialization of lixivaptan and Cardiokine will have an option for limited copromotion in the U.S., the companies said.
The agreement is expected to become effective in the third quarter, according to the companies.