Chennai-based Orchid Chemicals & Pharmaceuticals has made an investment in US-based drug discovery and development company Diakron Pharmaceuticals. The companies will undertake development and manufacturing of an anti-coagulant drug candidate, which was initially discovered by US-based Merck & Co.
Diakron Pharmaceuticals has an exclusive license agreement with Merck for the compound. Even though, the financial terms of the deal were not disclosed, Orchid said that the investment – by way of services and cash – will result in majority control for Orchid.
The compound is an investigational oral anti-coagulant drug anticipated to have considerable potential. The market for oral anti-coagulant products is predicted to grow significantly to $5 billion over the next five years, Orchid said in a release here today.
Orchid and Diakron see considerable potential to further develop the compound as an anti-coagulant and position it uniquely first for the prophylaxis and treatment of deep vein thrombosis in patients undergoing hip and knee replacement.
Orchid Managing Director K Raghavendra Rao said that the company is committed to discover and develop safe and efficacious molecules to cater to the unmet needs.
Orchid’s investment in Diakron and the commitment to develop this Merck discovery are steps in this direction. Orchid is well positioned to undertake the development and commercialisation process seamlessly given its state-of-the-art drug discovery and commercial manufacturing capabilities, he added.
