A step toward European approval of the blood cancer drug Imbruvica will net Pharmacyclics Inc. a $50 million payment from partner Johnson & Johnson. The European Medicines Agency on Tuesday told Janssen-Cilag NV, a subsidiary of Johnson & Johnson (NYSE: JNJ), that its application seeking approval of the drug is valid. That triggers the milestone payment to Sunnyvale-based Pharmacyclics (NASDAQ: PCYC).
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