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Emisphere, Novo Nordisk amend drug development agreement

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Emisphere Technologies Inc., of Roseland, today announced it has agreed with Novo Nordisk A/S to amend the two companies' development and license agreement to develop and commercialize a drug candidate, to treat Type 2 diabetes, that uses Emisphere's Eligen technology.

Under the terms of the amendment, Novo Nordisk will pay Emisphere $10 million as a prepayment of development milestone payments that would have otherwise become payable to Emisphere upon the initiation of Phase II and Phase III testing of an oral product by Novo Nordisk, in exchange for a reduction in the rate of potential future royalty payments arising from future sales.

According to the announcement, the license agreement was signed in 2008. Novo Nordisk is currently conducting Phase I trials for the drug candidate.

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