Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Protalix BioTherapeutics has gained $25m milestone payment from Pfizer under a commercial agreement for Elelyso (taliglucerase alfa).
Subscribe to our email newsletter
The FDA approval of Elelyso for the treatment of type 1 Gaucher disease has triggered the payment.
Pfizer and Protalix signed an exclusive license and supply agreement relating to the development and commercialization of Elelyso on 30 November 2009.
According to the agreement, Pfizer received worldwide license to Elelyso except in Israel from Protalix.
Under the terms of the agreement, except in Israel, Pfizer and Protalix share the revenues and expenses related to the worldwide commercialization of Elelyso on a 60% /40% basis, respectively, with certain agreed upon limits on the amounts of shared expenses.
Upon signing the agreement, Pfizer made an upfront payment of $60m to Protalix and subsequently made a $5m payment to Protalix upon Protalix’s achievement of a performance milestone.
On 31 March 2012, Protalix had cash and cash equivalents $45.6m.
On a proforma basis, including the receipt of the $25m milestone payment for the approval of Elelyso in the US, cash and cash equivalents on 31 March 2012 would have been $70.6m, according to Protalix.