GTC Bio gains $1M ATryn milestone
GTC Biotherapeutics of the USA has received a $1.0 million milestone payment from Ovation Pharmaceuticals, its commercialization and development partner for ATryn (antithrombin [recombinant]) in the USA. The milestone payment reflects the recommendation for approval by the Blood Products Advisory Committee meeting in January 2009.
A total of $3.0 million of additional milestone payments from Ovation, which is the subject of a $900.0-million takeover from Danish firm Lundbeck, are pending as a result of the approval of ATryn by the Food and Drug Administration (Marketletter February 16).
In addition to amounts for successful completion of the regulatory milestones, payment for $1.0 million of ATryn inventory is anticipated to support Ovation's launch of the product in the second quarter. The latter is doubling its sales team dedicated to hematology and has established a dedicated medical sciences liaison team to support the launch of the product.
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