Pharmacia pays Nastech $2M milestone payment

Nastech of the USA has received a $2 million milestone payment fromPharmacia under the terms of its worldwide collaboration and license agreement for intranasally-administered apomorphine for sexual dysfunction.

The two companies entered into the agreement in February this year (Marketletter February 11). According to the terms of the deal, Pharmacia will pay Nastech an additional $45 million, should certain developmental milestones be reached in the collaboration. So far, Nastech has received $12 million, including a $5 million equity investment at $20 per share. In total, milestone payments should reach $48 million, and include R&D and patent cost reimbursements worth $3.4 million.