BioMarin and La Jolla Pharmaceutical Sign Worldwide Development and Commercialization Agreement
News Jan 07, 2009
BioMarin Pharmaceutical Inc. and La Jolla Pharmaceutical Company have entered into an agreement to develop and commercialize Riquent®, La Jolla's investigational drug for lupus nephritis, in the United States, Europe and all other territories of the world, excluding the Asia Pacific region.
Following a successful Phase 3 trial, the parties will share equally in all losses and profits. In the United States, BioMarin and La Jolla will jointly commercialize Riquent. In Europe and other territories outside of Asia, BioMarin will be responsible for all commercialization activities.
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 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 costs.
The collaboration also provides La Jolla an ability to participate equally in sales and marketing responsibilities in the United States to facilitate building its commercial infrastructure.
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