Genzye Corp inks alliance with Orisis Therapeutics
Genzye Corp. has signed a stem cell treatment development and sales deal with stem cell company Orisis Therapeutics to develop two new treatments.
Under the deal, Genzyme will make an upfront $130 million payment to Osiris for rights to the company's developing Prochymal and Chondrogen treatments.
An official release stated that Osiris would commercialize both drugs in the U.S. and Canada, while Genzyme would have sales rights in all other countries.
Apart from this, Osiris could receive up to $1.25 billion in milestone payments, based on the drugs' development and eventual sales.
Meanwhile, Osiris is responsible for the clinical development costs of all ongoing trials, along with future studies up to midstage development. In the future, Osiris will fund 60 percent of late-stage study costs with Genzyme funding 40 percent.
The scrip of Osiris is presently trading at $ 15.93. The stock hit a high of $ 19.70 and a low of $ 15.36 so far during the day.
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