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news.Drug development firm Curis has entered into an agreement to sell and assign its remaining BMP-7 technologies to Stryker Corporation. The company's BMP-7 assets primarily comprise intellectual property covering bone morphogenetic protein-7, or BMP-7, and its use for treating various diseases.
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Curis will receive an initial payment of $1 million, which is net of a payment to be made by Curis to a former third-party collaborator of Creative BioMolecules, a predecessor company involved in the 2000 merger that formed Curis.
In addition to the initial payment, Stryker has agreed to make cash payments to Curis upon the successful achievement of specified clinical development and drug approval objectives. Assuming that at least one product is successfully developed and commercialized by Stryker on a global basis, Curis could receive up to approximately $41 million in such payments.
However, in connection with its receipt of such payments, Curis would be required to make payments of up to approximately $14 million to the former third-party collaborator if such product candidates or products are designed to treat certain indications affecting chronic kidney disease patients.