Protalix Biotherapeutics Gets $25-Million Milestone Payment
Protalix BioTherapeutics, Inc. recently announced it has received a $25-million milestone payment from Pfizer Inc. as part of the companies’ global commercial agreement for ELELYSO (taliglucerase alfa). This payment was triggered by the US FDA’s approval of ELELYSO for the treatment of type 1 Gaucher disease on May 1, 2012.
On November 30, 2009, Pfizer and Protalix entered into an exclusive license and supply agreement relating to the development and commercialization of ELELYSO. Under the terms of the agreement, Protalix granted Pfizer an exclusive, worldwide license to ELELYSO except in
Upon signing the license and supply agreement in November 2009, Pfizer made an up-front payment of $60 million to Protalix and subsequently made a $5-million payment to Protalix upon Protalix’s achievement of a performance milestone.
On March 31, 2012, Protalix had cash and cash equivalents $45.6 million. On a proforma basis, including the receipt of the $25-million milestone payment for the approval of ELELYSO in the
Protalix is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell-based expression system, ProCellEx. For more information, visit www.protalix.com.
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