Crescendo Pharmaceuticals Corporation has announced that ALZA Corporation has exercised its option to obtain a worldwide license to DUROS leuprolide (Viadur), a once-yearly implant for the palliative treatment of advanced prostate cancer.
DUROS leuprolide is the first product to provide continuous, 12-month testosterone suppression with a single treatment.
Under the terms of its license agreement with ALZA, Crescendo will receive payments from ALZA based on worldwide sales of the product, which was developed by ALZA on behalf of Crescendo.
As announced by ALZA earlier today, ALZA has received clearance from the U.S. FDA to market Viadur (leuprolide acetate implant) in the United States.
“We are very pleased to see the speedy approval of this new product by the FDA as an important treatment alternative for patients with advanced prostate cancer,” said Gary L. Neil, Crescendo’s president and CEO. “The licensing of Viadur by ALZA confirms ALZA’s commitment to this product and demonstrates the value that Crescendo brings to its stockholders.”
Crescendo Pharmaceuticals Corporation was formed by ALZA in 1997 for the purpose of selecting and developing human pharmaceutical products for commercialisation, most likely through licensing to ALZA.
Under agreements between ALZA and Crescendo, ALZA is undertaking the development of products for Crescendo.
ALZA has the option to license each Crescendo product, and an option to purchase all of the Crescendo Class A common stock at a price set according to a predetermined formula.