Business Services Industry
Bothell, Wash.-Based Nastech Pharmaceutical Gets Impotence-Drug Rights, Cash.
Knight Ridder/Tribune Business News, January, 2003
By Luke Timmerman, The Seattle Times Knight Ridder/Tribune Business News
Jan. 28--Nastech Pharmaceutical has snapped up full rights to its experimental nasal-spray drug for impotence and, in an unusual twist, has been handed $13.5 million to take it from drug giant Pharmacia.
After the news, Nastech's stock climbed 15 percent to close at $8.50 a share.
The Bothell biotech company has found itself in this advantageous position because Pharmacia is being taken over by Pfizer, maker of the impotence drug Viagra. Antitrust regulators don't want Pfizer to get its hands on a potential Viagra rival.
Nastech did early studies of the drug, nasal apomorphine, and signed a co-development deal with Pharmacia last February to do more...
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