Osiris ends agreement with Boston Scientific

lunedì 7 gennaio 2008 15:25

Jan 7 (Reuters) - Osiris Therapeutics Inc OSIR.O said it ended a development and selling agreement with Boston Scientific Corp (BSX.N: Quotazione) for Prochymal as it looks to enter territory-specific, rather than indication-specific deals for the drug.

Osiris said it reclaimed sole worldwide rights to cardiovascular indications for Prochymal, an adult stem-cell therapy.

Osiris said it will relieve the drug giant of a $50 million loan obligation and $45 million in development payments. Osiris said it will also repay a $5 million debt, and accrued interest, in four quarterly installments. (Reporting by Varsha Tickoo in Bangalore)