Important note: Information in this article was accurate in 1995. The state of the art may have changed since the publication date.
The Associated Press - 24 Aug 95
The stocks of both companies rose on the news.
On the Tokyo Stock Exchange, Japan Tobacco Inc. stock surged 100,000 yen, or about $1,030, to 914,000 yen (about $9,400). Later, on the Nasdaq Stock Market in the United States, shares of Agouron Pharmaceuticals Inc. rose $1 to close at $37.25 a share.
Japan Tobacco is a government-owned cigarette maker which has diversified into other industries, including pharmaceuticals. It said it has been working with La Jolla, Calif.-based Agouron on the drug, AG-1343, since last December.
Japan Tobacco said the drug showed the ability to block enzymes involved in the multiplication of the AIDS virus, HIV, in limited human tests in Britain.
Japan Tobacco spokesman Makoto Shibagaki said expanded tests are planned in the United States to give a better idea of how high a dose is possible. Existing drugs that block the spread of HIV tend to have major side effects with large doses.
Japan Tobacco said it has paid $24 million to Agouron under terms of a contract that is based on results. If the drug is sold successfully, the two partners will divide the profits evenly.
Copyright 1995/The Associated Press. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, The Associated Press, 50 Rockefeller Plaza, New York, NY 10020.
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Copyright © 1995 - Associated Press. Reproduction of this article (other than one copy for personal reference) must be cleared through the AP Permissions Desk.
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