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Hormos Medical and Solvay Pharmaceuticals signed a research and license agreement
[Released February 20, 2003]
HORMOS MEDICAL CORPORATION (Finland) and SOLVAY PHARMACEUTICALS have signed a research collaboration and license agreement in the women’s health therapeutic area. The agreement provides for a marriage between the special skills and insights HORMOS MEDICAL has on molecules that can influence hormones, with the proven abilities of SOLVAY to develop and market women’s health products successfully. SOLVAY strives to add therapies for the treatment of endometriosis and uterine fibroids to its portfolio of women’s health products, and this research collaboration facilitates and helps to empower this ambition.
The agreement signed in January comprises a collaborative discovery program between HORMOS MEDICAL and SOLVAY PHARMACEUTICALS for an initial period of 3 years, with possible extension beyond that. The agreement includes annual research funding of at least 1.8 million EUR to HORMOS MEDICAL during the period of the collaboration. HORMOS MEDICAL will also receive milestone payments and royalties on product sales on compounds that are taken into product development.
HORMOS MEDICAL CORPORATION is a Finnish biopharmaceutical discovery and development company, founded in 1997. Its core competence is in the tissue-specific regulation of hormone effects. HORMOS MEDICAL focuses on discovering and developing novel pharmaceutical products for, in addition to the women’s health targets mentioned above, certain age-related diseases, like osteoporosis, urinary disorders, Alzheimer’s disease and certain cancers.
SOLVAY PHARMACEUTICALS is an integral part of SOLVAY, the international chemical and pharmaceutical Group with headquarters in Brussels. It employs around 30,000 people in more than 50 countries. In 2002 its consolidated sales amounted to EUR 7.9 billion, generated by its four sectors of activity: Pharmaceuticals, Chemicals, Plastics and Processing. SOLVAY is listed in the Euronext 100 index of top European companies. For further information please consult www.solvay.com and www.solvaypharmaceuticals.com.
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