Paratek Pharmaceuticals And Novartis To Collaborate on Broad-Spectrum Oral and IV Antibiotic in Phase 3 Trials
Thu, 10/08/2009 - 5:22am
Paratek Pharmaceuticals, Inc.announced today that it has entered into an exclusive worldwide collaborativedevelopment, manufacturing and commercialization license agreement withNovartis for Paratek's lead broad-spectrum antibiotic, PTK 0796, afirst-in-class aminomethylcycline (AMC) in Phase 3 clinical trials. PTK 0796is the most advanced once-daily, oral and IV antibiotic with a spectrum thatis broad enough for single-agent treatment of life threatening infections suchas complicated skin and skin structure infections (cSSSI) and moderate tosevere community acquired bacterial pneumonia (CABP), with activity againstresistant bacteria such as methicillin-resistant Staphylococcus aureus (MRSA),multi-drug resistant Streptococcus pneumoniae (MDRSP) and vancomycin-resistantenterococci (VRE). Under the terms of the agreement, Novartis and Paratek will shareresponsibility and costs for worldwide development of PTK 0796, while Novartiswill have the exclusive right to commercialize PTK 0796 on a worldwide basis.Paratek will be eligible to receive up to $485 million in payments, whichinclude up-front and future milestone payments, and will also receive aroyalty on net sales of PTK 0796 around the world. "We are pleased to announce our collaboration with Novartis, which willallow us to develop and commercialize a significant advance in the treatmentof resistant infections that are found in community and hospital in anexpeditious manner," said Thomas J. Bigger, President and CEO of ParatekPharmaceuticals. "PTK 0796 is the only once-daily, oral and IV MRSA-activecompound in clinical development with a spectrum broad enough for single-agenttreatment of cSSSI and CAP. This deal will also help us to bring PTK 0796 tothe market without the need for additional financing in this currentlychallenging and unpredictable economic environment."