And here's the reason
Pfenex Earns $15 Million Development Milestone Under its Development and License Agreement With Jazz Pharmaceuticals
GlobeNewswire GlobeNewswire•December 18, 2019
SAN DIEGO, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Pfenex Inc. (NYSE American: PFNX) today announced that it has earned a $15 million development milestone under its development and license agreement with Jazz Pharmaceuticals plc. The milestone is associated with process development activities for PF745, a long-acting Erwinia asparaginase.
“We are very pleased with the rapid progression of the PF745 program and we believe the Jazz collaboration, overall, further validates the versatility of our proprietary protein expression platform and the quality of our development capabilities,” said Eef Schimmelpennink, Chief Executive Officer of Pfenex. “Additionally, we are excited about Jazz’s recent announcement that the lead product in our partnership, PF743 (JZP-458), is expected to begin recruiting patients into the pivotal Phase 2/3 clinical study as early as this month.”
Under the terms of the development and license agreement, Pfenex is eligible to receive an aggregate total of up to $224.5 million in development and sales milestones, of which $162.5 million is still eligible to be received by Pfenex, including up to $3.5 million for development milestones, $34 million in regulatory milestones and $125 million in sales milestones. Pfenex may also be eligible to receive tiered royalties based on worldwide sales of any products resulting from the collaboration.
