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news.Summit and BioMarin have restructured their agreement for the Duchenne muscular dystrophy (DMD) program, under which Summit received an equity investment of $7 million at the time.
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Under the terms of the restructured deal, BioMarin has acquired full ownership of the DMD program, including the preclinical candidate, SMT C1100.
BioMarin has assumed all future preclinical and nonclinical development costs for SMT C1100, that were to be borne by Summit under the original licensing agreement.
Summit is now ready to receive success-based development and regulatory milestones of up to $50 million, plus sales milestones of up to $85 million and tiered royalty payments rising to a low-teen percentage.