Opko Health Inks Pfizer License Pact
Opko Health Inc. (NYSE: OPK) gained more than 9 percent Monday after the developmental drug company licensed its growth hormone treatment to Pfizer Inc. (NYSE: PFE).
Opko will receive a payment of $295 million up front and is eligible to receive up to an additional $275 million if the unapproved drug reaches "certain regulatory milestones," GEN News reported.
Opko, which posted 2013 revenue of $93.7 million, is also eligible to receive initial royalty payments associated with the commercialization.
The deal is subject to anti-trust review and is expected to close in the first quarter.
Drug Profile
The drug, called hGH-CTP, has orphan drug status in the U.S. and Europe for both adults and children.
Currently in a Phase III trial in adults and a Phase II trial in children, the drug aims to treat growth hormone deficiency as well as growth failure in children.
Opko will fund further development costs while Pfizer will pay for commercialization, manufacturing and post-marketing studies.
Opko changed hands recently at $8.93, up 9.05 percent.
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