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Celtic Pharmaceutical Holdings L.P.
Drug Names(s): corticorelin acetate injection, human Corticotropin-Releasing Factor, hCRF
Description: XERECEPT is a synthetic preparation of the natural human peptide, Corticotropin-Releasing Factor.
Deal Structure: On September 20, 2005, NeurobiologicalTechnologies (NTI) announced the signing of a definitiveagreement with a subsidiary of Celtic Pharma Holdings L.P. for the sale of rights in XERECEPT.
Under the terms of the agreement, NTI will receive $33 million in upfront payments, of which, $20 million will be paid upon closing. NTI may receive up to an additional $15 million upon the achievement of certain regulatoryobjectives. NTI is also eligible to receive profit-sharing payments on sales of XERECEPT in the United States, and royalties on any sales elsewhere in the world. Celtic Pharma's subsidiary will assume responsibility for product development and pay all product development expenses.
On November 29, 2005, Celtic and NTI announced the close of Celtic's acquisition of exclusive worldwide rights to XERECEPT.
Partners: Neurobiological Technologies, Inc.
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