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SMALL BUSINESS
Baxter, Flamel sign hemophilia drug partnership
AP ONLINE
posted: 138 DAYS 11 HOURS AGO
NEW YORK (AP) — Drug developer Baxter International Inc. will pay Flamel Technologies SA 2.5 million Euros ($3.5 million) as part of development deal for longer acting blood-clotting drugs.
The partnership will focus on using Flamel's technology to make longer-acting formulas of blood-clotting factors in a move to reduce the number of infusions required by hemophilia patients.
Deerfield, Ill.-based Baxter will pay all development costs for the program and have an exclusive right to negotiate a license to France-based Flamel's Medusa technology.
Flamel had revenue of $38.6 million in 2008.
Shares of Baxter rose 92 cents to $53.67 while shares of Flamel fell 20 cents, or 2.4 percent, to $7.83 in midday trading.
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