US firm acquires global rights for anti-cholestrol drug from Ranbaxy

PPD, Inc. has acquired an exclusive worldwide license to develop, manufacture and market Ranbaxy Laboratories cholesterol-lowering drug for the treatment of dyslipidemia.

The pre clinical toxicology, drug metabolism and pharmacokinetic data suggest that Ranbaxy's statin has the potential to offer an improved safety profile over currently marketed statins. PPD plans to conduct additional pre clinical studies and file an investigational new drug application with the US Food and Drug Administration in April 2007.

Under the terms of the agreement, Ranbaxy will be entitled to receive milestone payments upon the occurrence of specified clinical events. In the event of approval to market a drug product, the company will be entitled to receive royalties on sales of the drug and sales-based milestones.

PPD will be responsible for all costs and expenses associated with the development and commercialization of the compound, including preclinical and clinical studies. The Company has retained co-marketing rights to the compound in India.

"This is yet another milestone in Ranbaxy's evolution as a strong global research Company," said Malvinder Singh, chief executive officer and managing director of the Company. "We are pleased to partner with PPD in taking this potential drug forward promising superior treatment for dyslipidemia and related areas."