Neurocrine Biosciences (NBIX) update #3
Posted by intelledgement on Fri, 02 Nov 07
Neurocrine Biosciences (NBIX) announced a new partnership for marketing indiplon, their prospective sedative hypnotic product, in Japan yesterday. The partnership is with Dainippon Sumitomo Pharma Co, Ltd. (DSP), a 110-year old company with annual sales of $2.2B. Per the terms of the partnership, NBIX received an immediate $20MM and is due an additional $10MM milestone payment when indiplon is approved for sale in the USA by the FDA (expected by 12 Dec 07).
According to the press release, “An estimated 24 million people in Japan experience insomnia, but only 7 to 8 million are currently being treated,” and the market for sedatives in 2006 was $500MM.