Flamel Technologies and Novo Nordisk announced that they will collaborate on developing Basulin, a long-acting, once-a-day formulation of human insulin that can be used by people with type 1 and 2 diabetes.
According to a Flamel Technologies press release, the terms of the agreement specify that Novo will have exclusive worldwide development and marketing rights to Basulin, while Flamel receives up-front licensing fees of $5 million, including $1 million received in early December 1999, as well as $37 million in milestone payments and royalties of future product sales. Novo will subsidize all clinical trials and ?product development of Basulin.
“As a leading provider of insulin products for the treatment of diabetes, Novo Nordisk is the ideal development and marketing partner for Basulin,” says Gerard Soula, president and CEO of Flamel.
In preclinical tests, Basulin provided continuous, 24-hour coverage compared to standard 12-hour coverage provided by currently marketed products. A phase 1 clinical trial using Basulin is underway in the United Kingdom and results are expected early this year.