Schering and Alliance complete deal

Schering and Alliance Pharmaceutical finalized their agreement last month regarding Imagent US, Alliance's ultrasound contrast agent, and provided additional details about the deal. The two companies will jointly develop the product, which will be marketed exclusively by Schering, of Berlin, Germany.

In exchange for the license, Schering will pay San Diego-based Alliance a $4 million licensing fee, plus additional payments predicated on the achievement of specified milestones and royalty payments based on worldwide sales. The payments could amount to $65 million if clinical trials, regulatory approvals, and market introductions result in a minimum amount of revenues. In addition, Schering's Schering Berlin Venture purchased $10 million in Alliance convertible preferred stock.