ChemDiv, Inc., a global research organization, announced achieving several key milestones in collaboration with Abbott's branded generics pharmaceutical business. The collaboration, begun in 2012 and expanded in 2015, is aimed at development and registration of a pipeline of new branded generic pharmaceutical products across key therapeutic areas for high growth emerging markets.
ChemDiv and Abbott submitted one product to first market authorization, submitted one product for phase 3 clinical studies and selected multiple prototype products for further development, triggering multiple milestone payments.
Other projects in the collaboration are progressing on schedule and are on track to achieve further project milestones for which ChemDiv will receive additional payments from Abbott. Financial details of the milestones were not disclosed.
Nikolay Savchuk, CEO of ChemDiv, commented, "We are delighted to be able to register a number of successful joint developments with our strategic partner.
We are extremely pleased to achieve these next milestones in our long term relationship. This is an excellent validation of our research and regulatory contribution to Abbott's generics strategy, as further manifested by the recent expansion of the collaboration. Our strategic relationship with Abbott is extremely important and valuable to us. We are committed to supporting the expansion of Abbott product pipeline that will help improve the lives and health outcomes of many people around the globe."