BioMarin and La Jolla Pharmaceutical Sign Worldwide (Excluding Asia Pacific) Development and Commercialization Agreement f...(y issuccessful Riquent provides BioMarin...),Health
y is successful, Riquent provides BioMarin the opportunity to launch a product in the 2010 and 2011 timeframe in regions where we can leverage existing commercial operations."
"BioMarin is a proven leader in successfully bringing value-added therapies to patients suffering from orphan diseases and we are very pleased to have BioMarin as a partner to develop and commercialize Riquent in the U.S., Europe, the Middle East and Latin America," said Deirdre Y. Gillespie, M.D., President and CEO of La Jolla Pharmaceutical Company. "This is an outstanding partnership for us as it not only provides significant near term funding towards the completion of the ASPEN trial but also facilitates La Jolla's plans to build a U.S. commercial infrastructure going forward. 2009 is a pivotal year for La Jolla and we are pleased to start the year with this positive announcement. We look forward to the first interim analysis of the ASPEN trial data which is expected to occur later in this quarter," continued Dr. Gillespie.
Overview of Deal Terms
Under the terms of the agreement, BioMarin will receive a co-exclusive license to develop and commercialize Riquent and La Jolla could receive up to $289 million in cash through milestones and equity purchases by BioMarin. Specific payments include: $15 million upfront, up to approximately $92.5 million related to clinical milestones, $55 million for regulatory milestones, and up to approximately $126 million for achieving specified annual net sales milestones beginning at $250 million in sales.
At each of the two interim efficacy analyses (the first expected in the
first quarter of 2009 and the second expected in mid-2009) or when the ASPEN
study comes to a successful completion, BioMarin may exercise its option to
fully participate and share all losses and profits on a 50:50 basis. Prior to
BioMarin's decision to participate fully, La Jolla will fund 100% of all
c
'/>"/>
| SOURCE BioMarin Pharmaceutical Inc.; La Jolla Pharmaceutical Company Copyright©2009 PR Newswire. All rights reserved |
Related medicine news :
1. BioMarin to Present at the Bear Stearns 20th Annual Healthcare Conference
2. BioMarin Provides Grant to NORD to Expand PKU Patient Support Services
3. BioMarin Re-Acquires Rights to Kuvan in Canada From Merck Serono
4. Fairview Specialty Pharmacy Signs Contract With BioMarin for Distribution of Kuvan(TM)
5. BioMarin to Host Fourth Quarter and Full Year 2007 Financial Results Conference Call and Webcast on Tuesday, February 26 at 5:00 p.m. ET (23:00 CET)
6. BioMarin to Present at the Cowen and Company 28th Annual Healthcare Conference
7. BioMarin to Present at the Lehman Brothers Global Healthcare Conference
8. BioMarin Announces Initiation of Clinical Assessment Program for Morquio A Syndrome
9. Pfizer Closes La Jolla Campus Due to Continuing Fire Emergency
10. Mylan Commences Tender Offers and Consent Solicitations for Its 5.750% Senior Notes Due 2010 and 6.375% Senior Notes Due 2015 in Connection With Its Proposed Acquisition of Mercks Generic Pharmaceutical Business
11. Arena Pharmaceuticals to Present at the NewsMakers in the Biotech Industry Conference
| Copyright © 2003-2009 Bio-Medicine. All rights reserved. ABOUT | CONTACT US | DISCLAIMER | PRIVACY POLICY | TERMS AND CONDITIONS |  |