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Diamyd, with R&D here, inks $625M deal with J&J

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Staff and Wire Reports
Wednesday, June 23, 2010
 

Diamyd Medical AB, a Stockholm, Sweden-based company that maintains its research and development facilities in Pittsburgh, secured a major deal with a unit of Johnson & Johnson to develop and commercialize Diamyd's diabetes therapy.

The agreement over time could be worth more than $625 million to Ortho-McNeil-Janssen Pharmaceuticals Inc., the company said.

Diamyd came to Pittsburgh in 2005 when it acquired Nurel Therapeutics, founded by University of Pittsburgh scientists.

Darren Wolfe, CEO of Diamyd Inc. USA, said his R&D unit has more than doubled its work force in the last six months, to seven, and expects to employ 10 to 12 people within a year.

The company is housed within the Pittsburgh Life Sciences Greenhouse incubator at the Pittsburgh Technology Center in South Oakland. The Greenhouse also is an investor in Diamyd, having placed $100,000 in the local operations.

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