Protalix rockets on news of Fabry drug deal
Israel-based biotech Protalix BioTherapeutics (NYSE: PLX) saw its shares leap 38% in pre-market trading after it revealed it had entered into a license collaboration with Italy’s family-owned Chiesi Farmaceutici for PRX-102 for the treatment of Fabry disease.
Under the terms of the agreement, Protalix has licensed PRX-102 to Chiesi for all markets outside of the USA, and Protalix will receive an upfront payment of $25 million from Chiesi and additional payments of up to $25 million in development costs, capped at $10 million per year.
Protalix is also eligible to receive an additional up to $320 million, in the aggregate, in regulatory and commercial milestone payments, and tiered royalties ranging from 15% to 35% on net sales. Protalix will continue to be the manufacturer of PRX-102 for clinical development purposes and commercial purposes after marketing approvals.
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