LONDON--Modern Biosciences PLC, a late-stage drug discovery
company 61.1% owned by U.K. technology investor IP Group PLC
(IPO.LN), has formed a research and development and licensing
agreement with Janssen Biotech Inc.
The aim of the collaboration, to be facilitated by Johnson &
Johnson's (JNJ) Innovation Centre in London, is to develop
rheumatoid arthritis treatments based on Modern Biosciences' novel
bone-protective compounds, IP Group said Thursday.
Modern Biosciences will receive an up-front payment and is
eligible to receive development, regulatory and commercialization
milestone payments up to a potential total of 176 million pounds
($278 million), as well as royalties on sales of any products to
arise from the project.
Shares in IP Group were little changed at 0910 GMT.
Write to Ed Ballard at ed.ballard@wsj.com
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