Flamel Technologies inks license agreement with Wyeth Pharmaceuticals
French biopharmaceutical company Flamel Technologies (Nasdaq: FLML) reported this morning that it has entered into a development and license agreement with Wyeth Pharmaceuticals (NYSE: WYE) for the development and licensing of a marketed protein using Flamel’s Medusa technology.
Flamel said it will receive an upfront payment and potential development fees, milestones and royalty payments, the terms of which are not disclosed.
“This agreement concerns our new uniform polymer which is applicable to a wide variety of proteins and peptides,” Flamel’s CEO Stephen Willard said. “This new relationship contributes to our goal of building a diverse set of relationships for our Medusa platform, which we expect will continue to grow.”
Shares of Flamel gained $0.68, or $7.44, to $9.82 in morning trading Wednesday.
