AMI finds new partner for Feridex

Advanced Magnetics this month announced a licensing deal with Berlex Laboratories for Feridex,AMI's MR contrast agent for detecting primary and metastatic livertumors. The deal completes a slick piece of horse-trading forAdvanced Magnetics, which reacquired Feridex from Sterling Winthroplast year after that company's diagnostic imaging business waspurchased by Hafslund Nycomed.

Advanced Magnetics, of Cambridge, MA, initially licensed rightsto Feridex to Sterling Winthrop in 1993, and AMI received $3.5million in licensing fees from Sterling. A clause in the contractstated that the agreement was not transferable to another party,however, and AMI president Jerome Goldstein exercised that clauselast year after Sterling Winthrop was purchased by Nycomed (SCAN10/26/94 and 8/31/94).

Under the Berlex deal, Advanced Magnetics has received a $5million licensing fee from Berlex in exchange for exclusive marketingrights in the U.S. and Canada. Berlex will pay an additional $5million when Feridex is approved for marketing by the Food andDrug Administration. AMI will also receive payments for manufacturingFeridex as well as a royalty on sales.

AMI filed a new drug application (NDA) with the FDA for Feridexin February 1994. The product has been approved in Europe andwas launched this month by AMI's European marketing partner, Guerbetof France.

Advanced Magnetics also announced a cross-licensing agreementwith Berlex parent Schering AG. The deal gives both parties aworldwide license under each other's patents to their respectivesuperparamagnetic contrast agents.