LJPC > La Jolla to receive upfront cash payment of $22.5 million plus potential commercial milestone payments of up to $109.5 million and double-digit tiered royalty payments
La Jolla Pharmaceutical Company (NASDAQ:LJPC), which is dedicated to the development and commercialization of innovative therapies that improve outcomes in patients suffering from life-threatening diseases, today announced that it and certain of its wholly owned subsidiaries (collectively, La Jolla) have entered into an exclusive licensing agreement with PAION AG and its wholly owned subsidiary (PAION) for GIAPREZA™ (angiotensin II) and XERAVA™ (eravacycline) in the European Economic Area, the United Kingdom and Switzerland (the Territories).
Under the terms of the exclusive licensing agreement, La Jolla will be entitled to receive: (i) an upfront cash payment of $22.5 million; (ii) potential commercial milestone payments of up to $109.5 million; and (iii) double-digit tiered royalty payments based on net sales of GIAPREZA and XERAVA. In exchange, La Jolla granted PAION an exclusive license to commercialize GIAPREZA and XERAVA in the Territories.
GIAPREZA is approved by the European Commission as a vasoconstrictor indicated for the treatment of refractory hypotension in adults with septic or other distributive shock who remain hypotensive despite adequate volume restitution and application of catecholamines and other available vasopressor therapies. XERAVA is approved by the European Commission for the treatment of complicated intra-abdominal infections in adults.
"Our agreement with PAION marks an important step in our global strategic plans to bring innovative therapies that improve outcomes in patients suffering from life-threatening diseases to Europe," said Larry Edwards, President and Chief Executive Officer of La Jolla. "We are excited to have PAION as a partner and expect its commercialization expertise will be invaluable in maximizing the value of GIAPREZA and XERAVA in Europe."
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