BioMarin in $289M deal for La Jolla lupus drug

The USA's La Jolla Pharmaceutical has licensed the development and commercialization rights to its Riquent (abetimus sodium), an  investigational drug for the treatment of lupus nephritis, to BioMarin  for $15.0 million.

Under the terms of the agreement, the parties will share equally in all  losses and profits in the USA, Europe and all other territories of the  world, excluding the Asia-Pacific region. In the USA, BioMarin and La  Jolla will jointly commercialize Riquent, whereas in all other  territories, BioMarin will be fully responsible for all  commercialization activities.

BioMarin will receive a co-exclusive license to develop and  commercialize Riquent and La Jolla could get up to $289.0 million in  cash through milestones and equity purchases by BioMarin. Specific  payments include: $15.0 million upfront, up to approximately $92.5  million related to clinical milestones, $55.0 million for regulatory  milestones, and up to around $126.0 million for achieving specified  annual net sales milestones beginning at $250.0 million in sales.