Adamas Pharma gets $25 million milestone from Forest Labs
Adamas Pharmaceuticals (Nasdaq: ADMS) says it has received a $25 million milestone payment from Forest Laboratories (NYSE: FRX) related to the development of MDX-8704. Adamas gained 8.6% to $20.50 on the news.
MDX-8704, a fixed-dosed combination (FDC) of memantine HCl extended release capsules and donepezil HCl, is being developed as a once daily therapy for the treatment of moderate-to-severe dementia of the Alzheimer's type in the USA.
The $25 million milestone payment was paid to Adamas as a result of the US Food and Drug Administration acceptance of the New Drug Application for MDX-8704. Under the license agreement between Forest and Adamas, Forest paid Adamas a $65 million upfront payment in November 2012 and $40 million in the fourth quarter of 2013 for work related to the development of MDX-8704 (The Pharma Letter January 10).
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