ProStrakan licenses renal drugs to Amgen in $150M deal

Galashiels, Scotland-based ProStrakan Group has exclusively licensed its preclinical renal drug candidates to USA-based Amgen, the world's largest biotechnology company.

Under the terms of the deal, Amgen receives an exclusive worldwide licence for the R&D and commercialization of the compounds in exchange for an initial upfront payment of $7.0 million and research collaboration funding of $1.1 million for the first year with the possibility of extending it thereafter. Further payments will be made at undisclosed milestones and ProStrakan will get royalties on net sales of licensed products on a worldwide basis.

In addition to the initial upfront payment, research collaboration funding and future royalties ProStrakan will receive milestone payments upon successful completion of certain preclinical, clinical, regulatory and commercial events, which could ultimately total in excess of $150.0 million. Further financial details were not disclosed.