AnorMed set to receive $3M from Shire
AnorMed set to receive $3M from Shire
Vancouver, Canada-based biopharmaceutical company AnorMed says it is entitled to a $3.0 million milestone payment from UK drugmaker Shire Pharmaceuticals following the latter's receipt of marketing approval for the hyperphosphatemia drug Fosrenol (lanthanum), in the UK.
The payment is stipulated by the 2004 deal in which AnorMed sold global patent rights to the product to Shire. The agreement, which also required the UK-headquartered firm to make a payment of $18.0 million after the product gained US approval in November 2004 (Marketletters passim), recently saw AnorMed receive $3.0 million after the drug was approved by German regulators. The firm added that it is eligible for a further $6.0 million should the drug be licensed for use in Japan.
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