Abraxis BioScience Inc. has formed a joint venture with privately held Cenomed Inc. in an effort to develop treatments for psychiatric and neurological conditions, the Los Angeles-based drug maker said Monday.
The new company will be called Cenomed BioSciences LLC. Under the agreement, Lake Forest-based Cenomed will transfer its assets to the joint venture, while Abraxis will make an upfront payment to develop drugs to treat conditions such as schizophrenia, mild cognitive impairment, age-related memory impairment and attention deficit disorder.
Financial terms of the agreement were not disclosed.
Shares of Abraxis were down 21 cents to $27.39 in afternoon trading Monday on the Nasdaq.