Orchid Chemicals & Pharmaceuticals (Orchid) has successfully achieved a milestone in its anti-infectives research in collaboration with a subsidiary of Merck & Company, Inc (Merck). Consequent to recent progress, Orchid has received the initial $1.5 million milestone payment from Merck.
Under the terms of the agreement, Orchid is eligible to receive payments totaling more than $100 million associated with the achievement of various research and development milestones involving multiple candidates. Further, the company is also eligible to receive significant royalties on worldwide net sales of any products commercialized under the agreement.
The two companies announced a collaborative research agreement in September 2008, with focus on the discovery, development and commercialization of novel agents for the treatment of bacterial and fungal infections for which Orchid received an upfront payment.
Orchid's drug discovery efforts are conducted through its wholly-owned subsidiary, Orchid Research Laboratories.
Orchid is a pharmaceutical company engaged in development and manufacture of active pharmaceutical ingredients (APIs) and finished dosage forms. It is also engaged in research of new drugs. The company was incorporated in the year 1992 as a 100% export-oriented unit.
