Keryx Biopharma enters into licensing agreement with Japan Tobacco and Torii Pharmaceutical

Co announces that it entered into a licensing agreement with Japan Tobacco and Torii Pharmaceutical, JT's pharmaceutical business subsidiary, under which J. T. and Torii will hold the exclusive rights for the development and commercialization of its hyperphosphatemia drug in Japan... The licensing arrangement calls for J.T. and Torii to pay to KERX up to $100 mln in up-front license fees and payments upon the achievement of pre-specified milestones, including up to $20 mln in up- front payments and near-term milestones. In addition, upon commercialization, J.T. and Torii will make royalty payments to KERX on net sales of the drug in Japan. J.T. and Torii will be responsible for the future development and commercialization costs in Japan.