Anatomy of a Deal: Inside the AstraZeneca/ AtheroGenics Agreement

AstraZeneca agreed in late December to pay AtheroGenics a $50 million upfront fee and another $950 million in regulatory and commercial milestones for the biotech's VCAM-I inhibitor AGI-1067. Though many heralded the deal as a win-win for both companies, a closer analysis shows that AtheroGenics continues to shoulder the development costs--and risks--of the Phase III product.