AnorMED to Receive $3 Million Milestone Payment From Shire for British Fosrenol Approval
AnorMED Inc. said Monday it will receive a $3 million milestone payment from Shire Pharmaceuticals Group PLC, based on Shire’s recent licensing approval in Britain to sell Fosrenol as a treatment for high phosphate levels in the blood, which occurs in patients undergoing dialysis as a result of chronic kidney failure.
In March 2004, AnorMED sold the global patent rights for Fosrenol to Shire.
Under terms of the agreement, Shire agreed to pay AnorMED $18 million when Fosrenol was approved in the U.S. and $7 million when the drug was approved in European countries. This agreement was also extended to include a $6 million payment to AnorMED upon regulatory approval in Japan.
To date, AnorMED has received $19 million upon U.S. and E.U. approvals. The company is still eligible to receive a further $6 million payment upon regulatory approval in Japan.