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news.AnorMed is set to receive a $3 million milestone payment from Shire Pharmaceuticals as a result of the recent approval of Fosrenol in Germany.
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Fosrenol is designed to remove high blood phosphorous levels after dialysis in patients with chronic kidney problems.
In March 2004, AnorMed sold the global patent rights for Fosrenol to Shire. Under the terms of the agreement Shire agreed to pay AnorMed $18 million when Fosrenol was approved in the US and $7 million when Fosrenol was approved in European countries.
In addition to the $3 million milestone payment on German approval, the company is eligible to receive a further $3 million milestone payment upon the first approval in one of four additional specified EU countries and a $6 million payment to AnorMed upon regulatory approval in Japan.
“We are pleased with the further marketing approval granted for Fosrenol, which was the first product discovered by AnorMed approved for marketing,” said Paul Brennan, AnorMed’s acting president and vice president of business development.