* Drugs are for short bowel syndrome, osteoporosis
* Takeda may also earn $30 mln milestone payment
March 19 (Reuters) - NPS Pharmaceuticals Inc has regained full worldwide rights to a pair of drugs from Japan's Takeda Pharmaceutical Co in exchange for $50 million in NPS common shares, the companies announced on Tuesday.
Under the deal, NPS will have worldwide rights to develop and sell teduglutide, a treatment for a rare condition called short bowel syndrome sold in Europe as Revestive and in the United States as Gattex, and for an osteoporosis drug sold in Europe under the brand name Preotact.
Takeda had picked up the sales rights outside North America for the two drugs with its 2011 acquisition of Nycomed, which had licensed the commercial rights from NPS.
Takeda agreed to hand over to NPS all assets related to the two products, including its active pharmaceutical ingredient inventory and information related to the continued development, manufacture, and commercialization of the drugs, the companies said.
In addition to the $50 million in NPS shares, Takeda is entitled to a milestone payment in the first calendar year that combined worldwide net sales of the two products exceed $750 million, the companies said. NPS will have the option of making the $30 million milestone payment in cash or in NPS common stock.
Preotact, a redesigned form of a human parathyroid hormone also known as PTH1-84, is also being developed as a treatment for hypoparathyroidism in which the glands do not produce enough of the hormone, the companies said.