Dimerix gets first milestone from FUSO Pharma

Australian biotech Dimerix (ASX: DXB) today revealed it has received the first development milestone payment of 400 million yen (~AU$4.2 million; US$2.7 million) from Japan’ FUSO Pharmaceutical, the exclusive licensee of DMX-200 for the treatment of focal segmental glomerulosclerosis (FSGS) kidney disease in Japan.

Under the FUSO agreement, Dimerix may become eligible to receive further potential success-based development and regulatory milestone payments of up to 3 billion yen (~AU$30.6 million) in further potential development milestones, up to 6.8 billion yen (~AU$69.4 million) in potential sales milestones and tiered royalties from 15% to 20% of DMX 200 net sales in Japan.

Dimerix noted that it now has four high quality partners across multiple territories, providing strong support for Dimerix in advancing and commercializing DMX-200 as a potential new treatment for FSGS. Collectively across all licenses, Dimerix may become eligible for up to ~AU$1.4 billion in total upfront payments and potential milestone payments, plus royalties on net sales. Dimerix noted that it continues to pursue licensing opportunities with potential partners in territories not already licensed including China.