Bayer to pay up to $385M for ex-US sale rights to Nuvelo's Ph III thrombolytic, alfimeprase

Germany's Bayer HealthCare has entered into a collaboration agreement with California, USA-based drug discovery firm Nuvelo for the global development and commercialization of alfimeprase, the latter's novel blood clot dissolver which is currently in Phase III development.

Because of the late-stage status of the agent, Nuvelo is eligible to receive up to $385.0 million in milestone fees including a $50.0 million up-front cash payment. Bayer and Nuvelo will split the costs of development 40/60, repectively, and the latter will retain the lead for the design and conduct of the global development programs.

Bayer will commercialize the thrombolytic in all territories outside the USA and will pay sales-dependent tiered royalties ranging up from 15.0%-37.5%. The companies say that they also plan to initiate new clinical programs with the drug in stroke and deep vein thrombosis.