Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to the license agreement between Rigel and AstraZeneca, the effectiveness of which was contingent on the expiration of the waiting period.
The now-effective licensing agreement, which was announced on February 16, 2010, grants AstraZeneca an exclusive worldwide license for the global development and commercialization of Rigel's proprietary oral Syk inhibitor molecules, including R788 (fostamatinib disodium). R788 has completed Phase 2 clinical trials in patients with rheumatoid arthritis. Rigel is eligible to receive from AstraZeneca an upfront payment of $100 million in connection with the effectiveness of the agreement, as well as certain milestone payments if specified development, regulatory and first commercial sale milestones are achieved and royalty payments on future net sales worldwide of products.
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