PharmaMar gets $200M upfront payment from Jazz for lurbinectedin

Spanish drugmaker PharmaMar’s (MC: PHM) shares rose as much as 6.3% to 4.23 euros this morning, after it announced receipt of the upfront payment of $200 million from the agreement signed with Jazz Pharmaceuticals (Nasdaq: JAZZ) on 19 December 19, 2019.

This license agreement for the commercialization of lurbinectedin in the USA became effective with the expiration of the Hart-Scott-Rodino waiting period.

Under the terms of the deal worth up to $1 billion in total, PharmaMar is also eligible to receive, in the following months, potential regulatory milestone payments of up to $250 million on the achievement of accelerated and/or full regulatory approval of lurbinectedin by US Food and Drug Administration within certain timelines.