Schering AG and AstraZeneca have formed an alliance to co-develop and jointly commercialize Schering's selective estrogen receptor downregulator (SERD). Under the terms of the agreement, the companies will develop the novel SERD with AZ leading the clinical development and Schering leading the non-clinical and process development as well as manufacturing activities. The companies will co-promote the product in the major territories. All development and commercialization costs and global profits will be shared. Financial terms were not disclosed.

"The development of agents that selectively down regulate the estrogen receptor is an exciting and important advance in the treatment of breast cancer. This novel SERD has the potential to offer a specific and targeted therapy approach for women with breast cancer," said Peter Zundorf, head of Schering Group's Oncology Global Business Unit. "We look forward to the collaboration with AZ. This collaboration reinforces our strong commitment to oncology. It is our intent to fully exploit this innovative compound and to maximize its value with joint forces."

John Patterson, executive vice president, development of AZ, said, "This agreement further strengthens AZ's pipeline and builds on our leading position in the anti-hormonal disease area. The novel SERD has the potential to deliver significant benefit to patients with estrogen-dependent cancers: the lead indication will be breast cancer. We are delighted to be working with Schering and will build upon our existing excellent relationship through collaboration in the area of anti-inflammatory research."