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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson and Johnson | NYSE:JNJ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.92 | -0.63% | 145.90 | 147.175 | 145.95 | 146.70 | 6,182,984 | 01:00:00 |
By Maria Armental
Johnson & Johnson will develop and sell Achillion Pharmaceuticals Inc.'s hepatitis C drugs and invest $225 million in Achillion, in a combined deal valued at about $1.1 billion, the companies said on Tuesday.
Under the exclusive global collaboration and licensing agreement, Johnson & Johnson's Janssen Pharmaceuticals Inc. subsidiary becomes responsible for all costs of developing and selling the treatment regimens.
Achillion, meanwhile, is eligible for tiered royalty percentages ranging from the mid-teens to low-twenties on future world-wide sales, along with development, regulatory and sales milestones.
An initial regimen the companies plan to pursue features one of Achillion's candidates that has been granted fast-track status by the U.S. Food and Drug Administration for treatment of chronic hepatitis C and is currently in mid-stage clinical studies.
The FDA assigns fast-track status to drugs and vaccines that are meant to address serious conditions and unmet medical needs.
Achillion's shares fell 4% to $10.20, while Johnson & Johnson's edged up to $103.98 in late trading.
Write to Maria Armental at maria.armental@wsj.com
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