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In Brief: Medtronic/Regeneron

This article was originally published in The Gray Sheet

Executive Summary

Medtronic/Regeneron: Firms enter agreement to co-develop "a family of therapeutics for central nervous system diseases and disorders" using experimental Regeneron compounds and Medtronic delivery systems. The initial project under the agreement will be development of Regeneron's Axokine, delivered using a Medtronic implantable pump, for treatment of Huntington's disease. Under terms of the deal, Medtronic has purchased 460,500 shares of Regeneron common stock for $10 mil. and has acquired five-year warrants to buy another 107,400 shares for $21.72 per share. Regeneron will conduct preclinical development of Axokine and "retains all rights to manufacture and commercialize" the drug. Medtronic, which will make milestone payments to Regeneron during the drug's development, retains rights to manufacture and sell the delivery devices, and will receive royalties on sales of drugs developed under the pact...

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