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AbbVie Inc.

Drug Names(s): SLV 319; BMS-646256

Description: SLV319 belongs to a novel class of agents called CB1 antagonists, which work by blocking the cannabinoid type 1 (CB1) receptor. Clinical and preclinical studies involving this class of drug have shown that blocking the cannabinoid type 1 (CB1) receptor results in reduced food intake.

Deal Structure: In 2004, Bristol-Myers Squibb and Solvay Pharmaceuticals announced that the companies entered into a worldwide agreement for the Solvay compound SLV319.

The parties will jointly develop and commercialize SLV 319 on a global basis. The agreement comprises the payment of a USD 10 million signing fee by Bristol-Myers Squibb to Solvay. Further milestone payments are scheduled to take place, based on the successful outcome of certain development and regulatory stages.

In September 2008, Bristol-Myers Squibb terminated its marketing and development agreement for SLV319. As such, worldwide rights for the compound were returned to Solvay.

In September 2009, Solvay announced that its Board of Directors has decided to sell its entire pharmaceutical business to Abbott for a total Entreprise Value of about EUR 5.2 billion. This includes a purchase price of EUR 4.5 billion in cash and additional potential payments of up to EUR 300 million if certain milestones are met between 2011 and...See full deal structure in Biomedtracker

SLV319 News

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