Burrill Merchant Banking Advises NPS on Phase III Licensing Agreement

    SAN FRANCISCO, Jan. 9 /CNW/ -- Burrill Merchant Banking acted as
exclusive financial advisor to NPS Pharmaceuticals on its recently-completed
partnering of Gattex(TM) (teduglutide) with Nycomed.  Under the terms of the
agreement, NPS has licensed rights to Gattex outside North America to Nycomed
for the treatment of gastrointestinal disorders.
    Gattex is a GLP-2 analog in development for the treatment of short-bowel
syndrome (SBS).  SBS can result from one or more bowel surgeries related to
inflammatory bowel disease or injury.  In a recent Phase III trial, patients
in the low dose Gattex group showed a statistically significant reduction in
parenteral nutrition vs. placebo, while the high dose group showed a trend in
the difference between the treatment group and placebo, but this did not reach
statistical significance.  NPS is also pursuing development of Gattex as a
possible treatment for chemotherapy-induced gastrointestinal mucositis in
cancer patients and necrotizing enterocolitis in preterm infants.
    Under the terms of the agreement, NPS and Nycomed will share future
development costs 50:50.  NPS maintains commercialization rights for the
product in the US, Canada, and Mexico.
    The agreement includes an upfront payment to NPS of $35 million, and
combined development and sales milestones that could potentially total more
than $150 million in additional payments from Nycomed.  Royalties to NPS for
sales in Nycomed's territories, although not publicly disclosed, are in the
double-digit range.
    About Burrill Merchant Banking
    Burrill Merchant Banking assists life science companies to identify,
negotiate and close strategic transactions. Service lines include:

    -- Mergers & Acquisitions
    -- Strategic Partnering from preclinical research to product development
       and commercialization
    -- Spin-Outs and Divestitures
    -- Financing (Private Placements)
    -- Advisory Services to define the role of transactions in achieving
       strategic objectives
    About Burrill & Company
    Founded in 1994, Burrill & Company is a San Francisco-based global leader
in life sciences with activities in Private Equity, Venture Capital, Merchant
Banking and Media.  The Burrill family of venture capital funds has over $950
million under management and its merchant banking business is one of the
industry leaders in life sciences transactions.  The company's 60 person
scientific and business team, supported by its 40-person Advisory Boards, the
strategic and financial network of its limited partners, and the close
relationships developed with numerous life sciences companies and management,
provide Burrill with unparalleled access and insight.
    Burrill is the creator, sponsor and facilitator of over a dozen leading
industry conferences worldwide and publishes a wide range of bio-intelligence
reports including: The Personalized Medicine Report, The Stem Cell Report, and
periodic newsletters covering Canada, China, Europe, India, Japan and
Partnering/M&A.  In association with the California Healthcare Institute,
Burrill publishes The Journal of Life Sciences -- a bimonthly magazine.
Burrill's flagship publication is its annual "State of the Industry" report,
the most recent 21st Edition being Biotech 2007: Life Sciences -- A Global
Transformation.  The 22nd Edition is entitled Biotech 2008: Life Sciences -- A
20/20 Vision to 2020, available 1Q '08.  These publications provide the latest
insight, intelligence and information on the life sciences industry.

For further information:

For further information: James Watson, Managing Director, Head of
Burrill  Merchant Banking, +1-415-591-5430, jwatson@b-c.com Web Site:

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