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Advanced Magnetics ends Sterling pact
MRI contrast developer AdvancedMagnetics has terminated a product marketing and distributionagreement with Sterling Winthrop for Feridex, an agent for detectingprimary and metastatic liver cancer. The move represents anotherstep in AMI's drive to
MRI contrast developer AdvancedMagnetics has terminated a product marketing and distributionagreement with Sterling Winthrop for Feridex, an agent for detectingprimary and metastatic liver cancer. The move represents anotherstep in AMI's drive to reacquire marketing rights to agents ithas developed.
Advanced Magnetics, of Cambridge, MA, decided to cancel theSterling Winthrop deal after Norway's Hafslund Nycomed boughtthe diagnostic imaging portion of Sterling from Sanofi of France,which had purchased Sterling from Eastman Kodak. Advanced Magneticspresident Jerome Goldstein said in August that he believed AMI'sdeal with Sterling was not transferable in the event of a changein ownership at the company (SCAN 8/31/94).
AMI and Sterling entered into the agreement last year, andAMI received $3.5 million in licensing fees over the life of thedeal, Goldstein said.
Feridex is not the only product that Advanced Magnetics hasreacquired in recent months. AMI in August finalized a deal toreacquire rights from Squibb Diagnostics to AMI-227, an agentfor MR angiography of the liver, spleen and lymph nodes. AdvancedMagnetics will pay Bristol-Myers Squibb $1 million in cash andup to $2.75 million in future royalties as part of the agreement.
AMI has been moving quickly to build its marketing presencein the wake of U.S. contrast industry consolidation. The companyhas created a new clinical development group in Princeton, NJ,and has hired seven Squibb veterans to staff the new division.
Among the recent appointments are Leonard M. Baum, senior vicepresident and head of the Princeton unit; Stuart J. McLaughlin,director of scientific affairs; Marie R. Morris, director of clinicalaffairs; and Maria A. Lucas, director of operations.
Advanced Magnetics also announced last month that its Europeanlicensee, Guerbet of France, has received an approval recommendationfrom the European Union's Committee for Proprietary MedicinalProducts for Endorem, the European trade name for Feridex. TheCPMP's recommendation is expected to be followed by approvalsin EU member countries, and Guerbet plans to launch Endorem inearly 1995.
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