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news.Shire Pharmaceuticals is set to pay Anormed a milestone payment of $3 million based on a recent licensing approval received in the UK by Shire to sell Anormed's drug Fosrenol.
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Canada-based pharmaceutical firm Anormed agreed to sell Fosrenol to Shire in 2004 in return for milestone payments after the drug was approved in relevant countries. The recent $3 million for approval in the UK comes a week after a $3 million payment for approval in Germany.
To date Anormed has received $19 million upon US and EU approvals. The company is eligible to receive a further $6 million payment to Anormed upon regulatory approval in Japan.
Fosrenol is a treatment for high phosphate levels in the blood, which occurs in patients undergoing dialysis as a result of chronic kidney failure.