Call it validation creep. In the past, drug companies paid big fees up front only for drugs that had demonstrated clear clinical validation. But now Aventis SA is paying the highest up-front fee ever paid for a Phase I compound with little clinical data of its own, based on Phase III data generated by another product candidate targeting the same receptor.
The molecule is Regeneron Pharmaceuticals Inc. 's VEGF Trap, a Phase I angiogenesis inhibitor being developed for both oncology and ophthalmology. Aventis is paying $80 million in cash, another...
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