April 6, 2009
Otsuka Pharmaceutical Co., Ltd.
Otsuka and Bristol-Myers Squibb Extend U.S. Agreement for ABILIFY and Establish a Global Oncology Collaboration
Tokyo, Japan, April 6, 2009 -- Otsuka Pharmaceutical Co., Ltd. (Head Office: Chiyoda-ku, Tokyo, Japan; President: Taro Iwamoto; hereafter, "Otsuka") today announced that Otsuka and Bristol-Myers Squibb Company (NYSE: BMY) concluded an agreement on April 4, 2009 to extend the U.S. portion of the companies' long-standing agreement for the development and commercialization of ABILIFY®(aripiprazole) from the currently scheduled end date of November 2012 until April 2015. In addition, the companies have established a global oncology collaboration for two Bristol-Myers Squibb products -- SPRYCEL®(dasatinib) and IXEMPRA®(ixabepilone).
ABILIFY Extended Agreement
Under terms of the agreement Otsuka will receive an up-front cash payment from Bristol-Myers Squibb. In addition, during the term of the agreement, Otsuka will share a portion of ABILIFY U.S. net sales, and Otsuka will be responsible for a certain amount of expenses related to the commercialization of ABILIFY. Otsuka will continue to receive a manufacturing royalty from ABILIFY from Bristol-Myers Squibb.
Beginning in 2010, Otsuka and Bristol-Myers Squibb will collaborate on two oncology assets SPRYCEL and IXEMPRA as follows:
- Otsuka will share in commercial expenses for the U.S., Europe and Japan and co-promote SPRYCEL with Bristol-Myers Squibb in the U.S., Japan and major EU markets.
- Otsuka will receive a collaboration fee from Bristol-Myers Squibb on aggregate annual net sales of SPRYCEL and IXEMPRA beginning in 2010 on a regressive tiering basis through 2020.
Based on its corporate philosophy of 'Otsuka-people creating new products for better health worldwide', Otsuka Pharmaceutical is dedicated to contributing to the health of people around the world.
About Bristol-Myers Squibb Company
|Company Establishment||December 13, 1887|
|Company Representative||James M. Cornelius, chairman and CEO|
|Head Office Address||345 Park Avenue, New York, NY, USA|
|Employees||Approximately 30,000 employees (BioPharma Business)|
|Scope of Business||Bristol-Myers Squibb is a global biopharmaceutical company. The company discovers, develops and commercializes medicines for serious diseases including cancer, affective disorders, HIV/AIDS, hepatitis B,cardiovascular and metabolic diseases, among others.|
About Otsuka Pharmaceutical Co., Ltd.
|Company Establishment||August 10, 1964|
|Capital||20 billion yen|
|Company Representative||Taro Iwamoto, Ph.D., President and Representative Director|
|Head Office Address||2-9 Kanda-Tsukasamachi, Chiyoda-ku, Tokyo 101-8535, Japan|
|Employees||5,592 as of March 31, 2009|
|Scope of Business||Manufacture, sale, import/export of pharmaceuticals, clinical testing and medical equipment, food products and cosmetics|
Information in this news release was current as of the original release date.