Pfenex Earns $18.5M in Milestones and Updates Worldwide License and Option Agreement With Jazz Pharma
SAN DIEGO, Dec. 19, 2017 /PRNewswire/ -- Pfenex Inc. (NYSE AMERICAN: PFNX) today announced the amendment of the 2016 agreement under which Pfenex granted Jazz Pharmaceuticals worldwide rights to develop and commercialize multiple early stage hematology product candidates.
Under the amended agreement, Pfenex will be eligible to receive an additional $43.5 million in amendment fee and development milestone payments as compared to the 2016 agreement, increasing the total value of upfront, option and amendment fee payments and potential payments for the achievement of development, regulatory and sales-related milestones associated with the collaboration to an aggregate of $224.5 million. Pfenex will also continue to be eligible to receive tiered royalties on worldwide sales of any products resulting from the collaboration, at rates reduced from those under the 2016 agreement.
Additionally, Pfenex announced today that, pursuant to the amended agreement, in the fourth quarter it earned $18.5 million in connection with the collaboration by achieving a $13.5 million development milestone and receiving a $5 million payment following signing of the amended agreement. The remaining development, regulatory and sales-related milestones that could potentially be earned total $189.25 million.
"Our collaboration with Jazz Pharmaceuticals is mutually beneficial and the updated agreement is another solid example of the strong collaboration. We look forward to continuing our relationship with Jazz on these assets in support of further advancement in clinical development," said Eef Schimmelpennink, Chief Executive Officer of Pfenex. "The collaboration also illustrates the strength of the Pfenex production platform and the differentiated programs it is able to generate. We look forward to advancing our portfolio and to key milestones that are upcoming in 2018."
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SOURCE Pfenex Inc.
Company Codes: AMEX:PFNX