Triggering a milestone payment from co-development and co-commercialization partner Bristol-Myers Squibb
Solvay announced today that a phase IIB study has started following a decision of the joint development committee for SLV319, which moved this obesity treatment candidate into further phase II clinical trials.
SLV319 belongs to a novel class of agents called CB1 antagonists, which work by blocking the cannabinoid type 1 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.
This move has triggered a milestone payment of USD 25 million from partner Bristol-Myers Squibb Company, which will be booked into the fourth quarter 2006 figures. This payment coincides with an overall increase in R&D and marketing costs for Solvay Pharmaceuticals of a similar amount. Consequently, the guidance given to the markets on October 27, 2006 concerning Solvay Pharmaceuticals’ full year expected results and margins remains basically unchanged.
Solvay Pharmaceuticals is a research driven group of companies that constitute the global pharmaceutical business of the Solvay Group. The company seeks to fulfill carefully selected, unmet medical needs in the therapeutic areas of neuroscience, cardio-metabolic, influenza vaccines, gastroenterology, specialized markets and men’s and women’s health. Its 2005 sales were EUR 2.3 billion and it employs approximately 10,000 people worldwide. For more information, visit www.solvaypharmaceuticals.com.
SOLVAY is an international chemical and pharmaceutical Group with headquarters in Brussels. It employs some 30,000 people in 50 countries. In 2005 its consolidated sales amounted to EUR 8.6 billion generated by its three activity sectors: Chemicals, Plastics and Pharmaceuticals. SOLVAY (Euronext : SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR) is listed on the Euronext stock exchange in Brussels. Details are available at www.solvay.com
