$100 million accelerated license payment for Regenxbio
US clinical-stage biotech firm Regenxbio (Nasdaq: RGNX) says it has received an accelerated license payment of $100 million under its license agreement with AveXis for the development and commercialization of products to treat spinal muscular atrophy (SMA).
The payment will come from Swiss pharma giant Novartis (NOVN: VX), due to the $8.7 billion acquisition of AveXis by Novartis announced in April this year.
The accelerated license payment consisted of $60 million in annual fees and a commercial milestone fee of $40 million. Under the license agreement, in addition to the accelerated license payment, Regenxbio remains eligible to receive a potential commercial milestone fee of $80 million and certain royalties on net sales for any product developed for the treatment of SMA using Regenxbio’s NAV technology.
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