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news.EKR Therapeutics and PDL BioPharma have entered into an agreement under which EKR would acquire the rights to PDL's cardiovascular products, consisting of Cardene IV, Cardene SR and new formulations of Cardene in development, as well as Retavase and the development product ularitide.
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Under the terms of the agreement, PDL would receive cash payments of $85 million at closing, up to an additional $85 million in development and sales milestones for the new Cardene formulations, as well as royalties on sales of the new Cardene formulations and ularitide.
In addition to the $85 million cash payment at closing, the agreement provides for potential milestones and royalties payable to PDL. PDL would receive a $25 million milestone upon the approval of a new formulation of Cardene, which PDL anticipates will occur well in advance of the November 2009 Cardene IV patent expiry. Two additional milestones of $30 million each would be payable upon achievement of $80 million and $150 million of annual net product sales of the new Cardene formulations. EKR also would pay PDL royalties of 10% and 5% on future net sales of the new Cardene formulations and ularitide, respectively.