USA's Wyeth puts millions into Danish biotech firm Santaris Pharma  

Santaris Pharma and Wyeth Pharmaceuticals announce a worldwide strategic agreement to develop new medicines based on Santaris Pharma’s Locked Nucleic Acid drug platform
Danish biotech firm Santaris Pharma, which announced last November a refocusing of its research strategy and the shedding of 40% of its workforce, has started the new year with an altogether more optimistic piece of news – a lucrative worldwide strategic alliance with USA's Wyeth Pharmaceuticals to develop and commercialize new medicines based on Santaris Pharma’s proprietary Locked Nucleic Acid (LNA) drug platform.
According to a press release on the company's website, Santaris Pharma will receive an upfront cash payment of USD 7m and Wyeth will make a USD 10m equity investment in the Danish company. Santaris Pharma may receive further milestone payments of up to USD 83m for each of 10 potential targets.
Mikael Dolsten, president of research at Wyeth, comments on the deal in the press release: "This will increase our ability to develop and bring to market innovative, high-value medicines that have the potential to address significant unmet needs in critical therapeutic areas.”
Founded in 2003, Santaris Pharma is based in Hørsholm to the north of Copenhagen, and employs a staff of around 100 people. The company and its partners currently have three compounds in clinical development and two at the preclinical stage. Since 2006 the company has raised more than EUR 60m through private financing and corporate partnerships.
Link > Santaris Pharma        

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