Lexiscan launch earns CV $10M milestone

The launch of Lexiscan by the US unit of Japanese drug major Astellas has earned CV Therapeutics a milestone payment of $10.0 million from TPG-Axon Capital, through an affiliated entity. CV Therapeutics will recognize the income as revenue earned in the second quarter of the year.

The US Food and Drug Administration approved Lexiscan (regadenoson) injection, an A2A adenosine receptor agonist, for use as a pharmacologic stress agent in radionuclide myocardial perfusion imaging in patients unable to undergo adequate exercise stress.

On April 15, CV Therapeutics announced the completion of a non-dilutive financing transaction with TPG-Axon in which the latter firm agreed to pay up to $185.0 million in exchange for rights to 50% of its royalty on North American sales of Lexiscan. CV received $175.0 million on closing of the transaction and has now made an additional $10.0 million milestone associated with the recently announced launch of the product. CV retains rights to the other 50% of royalties from North American sales of the product.