Pharmaxis to get milestone from Boehringer deal
Australia’s Pharmaxis (ASX: PXS) saw its shares jump 11.5% to A$0.29 after it announced that it now expects to receive milestones from its collaboration with German family owned pharma major Boehringer Ingelheim on PXS-4728A, a potential treatment for non-alcoholic steatohepatitis (NASH).
In addition to a Phase II trial in NASH that is scheduled to start mid-year, Boehringer has confirmed that a Phase II study for a second disease indication will commence this year. Pharmaxis is due to receive milestone payments of 18 million euros ($20 million) for the start of a Phase II trial in NASH and 10 million euros for the second indication.
Boehringer acquired PXS‐4728A from Pharmaxis in May 2015 with initial clinical development focused on finding a treatment for the liver disease known as NASH. This involved an upfront payment of 27.5 million euros and a total potential deal value of over A$750 million ($555 million.
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