Rigel Pharmaceuticals earned $25 million from British drugmaker AstraZeneca after reaching two development milestones for a rheumatoid arthritis treatment.
Rigel said Wednesday it reached one milestone with the start of a late-stage clinical trial program and a second for the transfer of a fostamatinib long-term open label extension study to AstraZeneca.
AstraZeneca licensed fostamatinib from Rigel, based in South San Francisco, Calif., in February. AstraZeneca said last week that fostamatinib met its goal in a mid-stage trial, as it worked better than a placebo at treating rheumatoid arthritis symptoms.
Rigel said the companies expect to seek approval for the drug in 2013 from the U.S. Food and Drug Administration and the European Medicines Agency.
Shares of Rigel Pharmaceuticals Inc. slipped 2 cents to $8.38 in early trading.
**Published by AP
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