Netherlands : Pharming Announces Receipt Of US$10 Million Milestone Payment [TendersInfo (India)]Al Bawaba Ltd.
Biotech company Pharming Group NV ( Pharming or the Company ) today announced that following the announcement by Pharming and Santarus on November 7, 2012 that the pivotal Phase III clinical study of RUCONEST (recombinant human C1 esterase inhibitor) 50 U/kg for the treatment of acute attacks of angioedema in patients with Hereditary Angioedema (HAE) met its primary endpoint, and in accordance with the terms of the license agreement between Pharming and Santarus, a US$10 million milestone has now been paid to Pharming.
An additional US$5 million milestone will be payable to Pharming upon U.S. Food and Drug Administration (FDA) acceptance of the Biologics License Application (BLA) for review. Pharming and Santarus expect to submit the BLA for RUCONEST to the FDA in the first half of 2013.
Sijmen de Vries, Pharming CEO, commented: We are pleased to have received this US$10 million milestone from our partner Santarus, which significantly strengthens our balance sheet and signals the beginning of a new chapter in the development of the Company.