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Rigel Nabs $25M From AstraZeneca

Rigel Pharmaceuticals (NASDAQ: RIGL), the South San Francisco-based biotech company, said today it has received a $25 million milestone payment from its partner, AstraZeneca, in connection development of the experimental drug fostamatinib (R788) for rheumatoid arthritis. AstraZeneca has begun a pivotal clinical trial of the new drug, Rigel said. Data from a mid-stage study of the new drug candidate was recently published in the New England Journal of Medicine.