July 14, 2008 / 10:26 AM / 12 years ago

UPDATE 1-Jubilant Organosys in drug discovery pact with US co

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MUMBAI, July 14 (Reuters) - Jubilant Organosys Ltd JUBO.BO said on Monday it has signed a drug discovery deal with Amgen Inc (AMGN.O) of the U.S. to collaborate and develop a portfolio of drugs across multiple therapeutic areas for three years.

Jubilant would be a partner in pre-clinical development stages, while Amgen would own the worldwide commercial rights, the Indian firm said in a statement.

The financial terms include a combination of research funding and “success-based milestones” to be paid to Jubilant during pre-clinical and clinical development stages for multiple products undertaken by the two firms, it said.

Companies which outsource drug development pay milestone fees to firms undertaking it when the latter successfully take it to the next stage of development, meeting targets.

Jubilant shares ended 0.61 percent higher at 305 rupees in the Mumbai market (Reporting by Kaustav Roy; Editing by Prem Udayabhanu)

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