Successfully executing a comprehensive strategic partnering deal for a late-stage pharmaceutical product despite turbulent markets in late 2008, California-based MAP Pharmaceuticals, Inc. announced an exclusive worldwide agreement with AstraZeneca to develop and commercialize Unit Dose Budesonide (UDB) — a potential treatment for pediatric asthma being developed by MAP Pharmaceuticals and currently in Phase III clinical development. Under the terms of the agreement, AstraZeneca will pay MAP Pharmaceuticals an upfront cash payment of $40 million and an additional $35 million upon the successful achievement of primary endpoint and safety results in the currently ongoing Phase III clinical study, which provides an important funding source to MAP Pharmaceuticals while enabling AstraZeneca to enhance its asthma product franchise. Latham & Watkins has acted as outside counsel to MAP Pharmaceuticals since 2004 — including advising on the company's 2007 initial public offering — and advised the company in this transaction with a corporate team led from the firm's Silicon Valley office by partners Patrick Pohlen and Judith Hasko and associates Christopher Hazuka, Gregory Chin, Cindy Leeper, and Andrea Groves. Advice was also provided by San Francisco partners Karen Silverman and Joshua Holian on antitrust matters.