Allergan to ally with Bristol-Myers Squibb on pain drug

Allergan has agreed to collaborate with Bristol-Myers Squibb on the development of a new drug treatment for neuropathic pain.

The company is to receive a payment of $40 million (26.6 million pounds) to allow Bristol-Myers Squibb to develop and commercialise its investigational compound AGN-209323

This total could climb to a potential $373 million, depending on the development of the treatment achieving certain clinical milestones.

Dr Scott Whitcup, executive vice president of research and development and chief scientific officer at Allergan, stated that partnering with Bristol-Myers Squibb will allow it to “maximise the value” of the compound.

He added: “We are excited to have a partner interested in our technology and committed to developing AGN-209323 for neuropathic pain.”

Last month, the company published its financial report for the fourth quarter of 2009, highlighting a year-on-year increase in total net sales of 15.9 per cent.