Pharmaceutical manufacturer Schering-Plough said that it has obtained a worldwide license for acadesine, an investigational, adenosine regulating agent (ARA), from PeriCor Therapeutics, a privately held, specialty biopharmaceutical company in New York City. Acadesine is currently under evaluation in Phase III clinical development as an intravenous infusion for the prevention of ischemia-reperfusion injury, a complication of cardiac surgery in patients undergoing coronary artery bypass graft (CABG) surgery using cardiopulmonary bypass.

Financial terms of the transaction were not disclosed. The transaction is expected to close in the third quarter subject to certain conditions to closing, according to the Kenilworth, N.J.-based Schering-Plough.