NanoSystems, Bristol-Myers Squibb sign deal

Oct. 1, 2003 — NanoSystems, the drug delivery business unit of Elan Corp. PLC, has signed a licensing deal with Bristol-Myers Squibb Co., according to a news release.

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The deal provides Bristol-Myers Squibb access to NanoSystems’ Nanocrystal technology, designed to improve drugs’ water solubility by turning the active ingredients into nanoparticles.

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The agreement also includes formulation services, technology transfer, development milestones and royalties on sales. Financial terms were not disclosed.

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NanoSystems, based in King of Prussia, Pa., has commercialized its technology in two U.S. drugs, Merck & Co.’s Emend and Wyeth Pharmaceuticals’ Rapamune. NanoSystems has been for sale for more than a year as the financially troubled, Ireland-based Elan seeks to shed drug delivery and other noncore businesses.

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Elan, listed on the NYSE, closed Tuesday at 5.29, up from 5.18 on Monday. Bristol-Myers Squibb, also on the NYSE, closed Tuesday at 25.66, up from Monday’s close of 25.56.

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