Pharming Group (PHARM)

[plumo]

Pharming Confirms Receipt Of US$20 Million Milestone Payment From Salix Pharmaceuticals


Leiden, 04 November 2014 - Biotech company Pharming Group NV (“Pharming” or “the Company”) (EURONEXT: PHARM), today announced the receipt of a US$20 million milestone payment from Salix Pharmaceuticals (“Salix”). The milestone was paid according to the terms and conditions of the Ruconest® commercialization agreement between Salix and Pharming.

Sijmen de Vries, Pharming CEO, commented, “The US launch of Ruconest®, as announced yesterday, and the receipt of the US$20 million milestone from Salix, mark what we perceive as the beginning of a new era for Pharming. The receipt of this milestone payment strengthens our debt-free balance sheet to more than €38 million as of today. From this solid basis, as result of future receipts of 30% of US net sales, up to $100 million annu
al sales, increasing stepwise up to 40% for annual US sales in excess of US$100 million for the supply of Ruconest® to Salix and in addition growing revenues from EU sales, both from our own direct commercialization and by Sobi, we are now aiming for our goal of achieving financial sustainability of the Company.