LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced that it has monetized a portion of its Elestrin (estradiol gel) royalty stream for $1.0 million, through a royalty buydown, with the possibility of receiving an additional $2.2 million in further buy downs within 75 days. The royalty stream was sold to Azur Pharma, BioSante’s Elestrin licensee in the U.S. In addition, BioSante has maintained the right to receive up to $140 million in sales-based milestone payments, if Elestrin reaches certain predefined sales per calendar year. This transaction affects Elestrin royalties in the U.S. only.
