Neurocrine Partnering With Pfizer on Insomnia Drug

Neurocrine Biosciences(NBIX Quote) has landed drug giant Pfizer(PFE Quote) as a partner for its experimental insomnia medicine Indiplon.

Under terms of the deal, Pfizer will make an initial $100 million payment to the San Diego-based biopharmaceutical firm, and up to $300 million in future milestone payments. Pfizer gets rights to sell Indiplon outside the U.S. in exchange for undisclosed royalty payments to Neurocrine. Both companies will co-develop and co-market the drug in the U.S.

Neurocrine said it hopes to submit Indiplon to the Food and Drug Administration by the end of 2003. ...