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news.CV Therapeutics has announced that TPG-Axon Capital has agreed to pay the company up to $185 million in exchange for rights to 50% of company's royalty on North American sales of Lexiscan injection.
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CV Therapeutics has received $175 million on closing of the transaction and could receive a potential future milestone payment of $10 million. CV Therapeutics retains rights to the other 50% of royalty revenue from North American sales of the product, and also may receive a royalty on another Astellas product under the terms of the company’s collaboration agreement with Astellas Pharma US.
Louis Lange, chairman and CEO of CV Therapeutics, said: “With the funds from this non-dilutive financing and multiple product-related revenue streams, we believe CV Therapeutics now has the funds to become cash flow positive and meet the debt obligation which is putable in 2010, both without requiring capital market financing or partnership dollars.”