Akzo Nobel's human pharmaceutical business Organon has announced that the 30-day waiting period under the Hart-Scott Rodino Act for the collaboration with Pfizer on asenapine has expired and that the collaboration will continue to move forward.
Asenapine is a potentially new psychotropic medication for the treatment of a variety of disorders that is beginning Phase III trials for schizophrenia and bipolar disorders.
Under the agreement, announced on October 20, 2003, Pfizer and Organon will collaborate on the clinical development and manufacturing of asenapine, and co-promote the product in the United States, European Union, Japan and other markets. Now that the 30-day waiting period has expired, Pfizer has made an initial payment of USD 100 million, which will be included in our operating income for 2003.
The agreement with Pfizer also provides for additional milestone payments of up to USD 270 million, contingent upon gaining further regulatory approvals and the launch of asenapine in the United States, Europe and Japan, as well as the attainment of certain agreed sales levels.