Diakron Pharmaceuticals, Inc. has signed  an exclusive license agreement for a novel investigational oral anticoagulant drug candidate discovered and developed through Phase I clinical trials by Merck & Co. Inc.

Under the terms of the agreement, Diakron has the exclusive rights to develop, and, if approved, market and distribute the compound worldwide. In a simultaneous transaction, Orchid Chemicals & Pharmaceuticals Ltd., the Chennai (India) based pharmaceutical major ("Orchid Pharma"), has signed an agreement to partner with Diakron as a significant shareholder and developer for the anticoagulant drug candidate. Orchid will be undertaking the next stages of development.

Commenting on the agreement, Dr. C.B. Rao, Deputy Managing Director of Orchid stated that partnering with Diakron for the development of this Merck compound is a significant development in Orchid's drug discovery journey. With its end-to-end drug discovery and drug development capability backed by US FDA and UK MHRA compliant manufacturing facilities, Orchid is well positioned to support the development of the compound all the way to successful commercialization, he observed.

Diakron Pharmaceuticals, Inc. is a privately-owned pharmaceutical company specializing in the development of products for the treatment of certain cardiovascular diseases and diabetes.