Dew, would do you think of this?
From the Yahoo Message Board:
2:02PM Regeneron Pharma: Novartis ends participation in IL-1 Trap development program for rheumatoid arthritis (REGN) 16.15 +0.99: Co announces that it plans to initiate a Phase IIb study of the Company's Interleukin-1 (IL-1) Trap for the treatment of rheumatoid arthritis in the 2nd-half of 2004 and that Novartis Pharma AG notified the Company today that it has decided to forgo its rights under the parties' collaboration agreement to jointly develop and commercialize the IL-1 Trap. After evaluating the results of the Phase II study, Novartis informed Regeneron that as a condition for participating in the continued clinical development of the IL-1 Trap, it would require revisions to the terms of the original agreement applicable to the IL-1 Trap. Regeneron declined to accept revisions to the collaboration agreement on the terms proposed by Novartis, and Novartis has elected not to proceed with the joint development of the IL-1 Trap. Under the terms of the collaboration agreement, which began in March 2003, Novartis has to date paid $102 mln to Regeneron in up-front payments, equity investments, and development expenses.
