Martinsried/Munich, May 7, 2012. MediGene AG (Frankfurt, Prime Standard, MDG) received a EUR 5 million milestone payment from Astellas Pharma Europe Ltd. This is the final payment for the transfer of rights for the cancer drug, Eligard®, from Medigene to Astellas.
Medigene has now received all milestone payments, totaling EUR 25 million that were related to the transfer of the Eligard® rights. Medigene will continue to receive 2% royalties on net sales of Eligard® achieved by Astellas. With the transfer of Eligard® rights to Astellas, Medigene's obligations and risks associated with future drug supply, cost of sales, and royalty payments due to primary licensor Tolmar have ceased.
According to IFRS, Medigene will record this milestone payment as revenue from discontinued operations.
This press release contains forward-looking statements representing the opinion of Medigene as of the date of this release. The actual results achieved by Medigene may differ significantly from the forward-looking statements made herein. Medigene is not bound to update any of these forward-looking statements. Medigene® is a registered trademark of MediGene AG. Eligard® is a registered trademark of Tolmar Therapeutics Inc. These trademarks may be owned or licensed in select locations only.
MediGene AG is a publicly listed (Frankfurt: MDG, prime standard) biotechnology company headquartered in Martinsried/Munich, Germany. Medigene focuses on clinical research and development of novel drugs against cancer and autoimmune diseases. Medigene is the first German biotech company to have revenues from marketed products, which are distributed by partner companies. It has two drug candidates in clinical trials and is developing an innovative vaccine technology.
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