AstraZeneca in potential $1 billion dollar deal for cardiovascular drug

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AstraZeneca announced yesterday that it has entered into a licensing deal worth up to $1 billion with for an anti-inflammatory cardiovascular drug from Alpharetta, Ga.-based pharmaceutical company AtheroGenics.
The product, AGI-1067, is an investigational oral drug for the treatment of atherosclerosis, a disease that can lead to heart attacks and strokes.
AGI-1067 is in phase III development in the Aggressive Reduction of Inflammation Stops Events (ARISE) trial. Study results are due in the second half of 2006.
AstraZeneca said in a statement that it will pay AtheroGenics an upfront fee of $50 million and development and regulatory milestones of up to $300 million with potential further sales-performance related milestones of up to $650 million.
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