Pryor Cashman Represents Nastech Pharmaceutical in Business Expansion Transactions
In February 2006, Pryor Cashman represented Nastech Pharmaceutical Co. (NSTK) in two business expansion transactions. Nastech is a leader in developing therapeutics using advanced molecular biology based drug delivery technologies.
Pryor Cashman represented Nastech in its acquisition of the RNA interference (RNAi) intellectual property estate and other RNAi technologies of Galenea Corp. (Cambridge, Mass.), announced February 23, 2006. This included some intellectual property licensed from Massachusetts Institute of Technology for the development of RNAi therapeutics against respiratory viral infections, including influenza, rhinovirus, and other respiratory diseases.
Earlier in February, Pryor Cashman represented Nastech in a collaboration agreement with Procter & Gamble Pharmaceuticals. The companies have agreed to collaborate to develop and commercialize Nastech's Parathyroid Hormone (PTH1-34) nasal spray for the treatment of osteoporosis. Under the agreement, Nastech will grant P&G rights to the worldwide development and commercialization of PTH1-34 nasal spray, in exchange for an upfront fee, milestone payments and royalties on product sales. In total, payments could reach $577 million over the life of the project depending upon the successful completion of specified development, regulatory and commercialization goals. Nastech will receive double-digit royalties, with the rate escalating upon the achievement of varying sales targets.
The Pryor Cashman team included partners Stephen Goodman and Lawrence Remmel.
