Business
Cephalon license exercise
Cephalon license exercise.
About this update from Immupharma Plc
[{"type":"text","content":"\n RNS Number : 6468M Immupharma PLC 02 February 2009 \n \n\nFor Immediate Release 02 February 2009\n\n\nCephalon exercises right to license Lupuzor™. \nImmuPharma to receive an additional $30m..\n\nImmuPharma PLC ('ImmuPharma') (LSE:IMM), the specialist drug discovery and development company, is pleased to announce that Cephalon, Inc (NASDAQ: CEPH) will exercise its option to license the worldwide rights to Lupuzor™, following the recent positive interim results of ImmuPharma's Phase IIb study. Cephalon will pay ImmuPharma $30 million for licensing the worldwide rights of LupuzorTM. The various future cash milestone payments upon the achievement of certain regulatory and sales milestones (including the option and license fees) may total up to approximately $500 million. In addition to the cash milestone payments, ImmuPharma will receive royalties on commercial sales of LupuzorTM.\n\nCephalon will be responsible for all activities and expenses for Phase III studies, regulatory filings and subsequent commercialization of the product worldwide. It is expected that Cephalon will initiate plans to implement pivotal Phase III clinical trials this year.\n\nImmuPharma received a $15 million upfront fee at the initiation of the deal in November 2008 whereby it granted Cephalon the option for the exclusive license to LupuzorTM. Following receipt of this additional license fee of $30 million, ImmuPharma will have approximately $ 50 million of cash on its balance sheet.\n\n\nDimitri Dimitriou, Chief Executive Officer said: 'We are delighted to have Cephalon as our partner. We have chosen Cephalon for a number of reasons and the chemistry between our teams has been exceptional. Cephalon has strong commercialisation ...