Merck returns rights to Kuvan to BioMarin as it opens Innovation Center
German pharma company Merck KGaA (MRK: DE) is to return the rights to Kuvan (sapropterin) to BioMarin (Nasdaq: BMRN).
Merck is returning the rights to the phenylketonuria (PKU) treatment in order to focus its health care business on core areas. It is also returning its option to develop and commercialize Peg-Pal, also to treat PKU.
Merck will receive an upfront payment of 340 million euros ($380 million), which is five times Kuvan's annual sales, and up to 185 million euros in additional milestone payments for both products.
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