Otsuka Pharmaceutical Co. and Kyowa Hakko Kirin Co. announced June 29 that they have agreed to an alliance in the fields of diabetes treatment and oncology.
Kyowa Hakko Kirin will receive exclusive development and marketing rights in Japan to the diabetic agent saxagliptin, which are currently held by Otsuka. In return, Otsuka will receive 3 billion yen ($37.7 million) from Kyowa Hakko Kirin as an initial payment, and 8.2 billion yen at the time of its approval in Japan. Otsuka will also receive royalties after the introduction of saxagliptin in proportion to its revenue.
Otsuka and Kyowa Hakko Kirin have both identified oncology as a key therapeutic area in their pharmaceutical businesses, and their alliance will strengthen each others' pharmaceutical business.
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