AstraZeneca agrees licensing deal for new arthritis drug

AstraZeneca has agreed a deal which will see it work together with fellow healthcare company Rigel Pharmaceuticals on the development of a new rheumatoid arthritis drug.

The firm will be participating in the worldwide development and commercialisation of Rigel’s fostamatinib disodium, an investigational compound which has already completed phase II testing.

Under the terms of this agreement, AstraZeneca will take responsibility for phase III trials of the promising treatment, with the aim of submitting it for regulatory approval in 2013.

Rigel will also receive a number of milestone payments based on the developmental progress and potential commercial sales of its drug.

Anders Ekblom, executive vice president of development at AstraZeneca, said: “Given the debilitating effect this disease can have on patients, AstraZeneca looks forward to working together with Rigel to continue development of this innovative investigational compound.”

Last week, AstraZeneca received approval from the Food and Drug Administration for its heart disease drug Crestor to be marketed to those designated to have a heightened risk of cardiovascular disease.