Allelix deal

Hoechst-Roussel Canada Inc. (Montréal) entered into a five-year agreement with AXB to develop drugs for psychiatric disorders, particularly schizophrenia. The program will focus on the dopamine and serotonin receptors in the central nervous system.

Hoechst-Roussel Pharmaceuticals Inc. (Sommerville, N.J.) paid $7 million for 1.2 million shares of the Toronto company’s common stock. AXB has 11.5 million shares outstanding. AXB also will receive C$20 million in research payments; milestone payments could add C$23 million. ...