* AstraZeneca to pay $40 mln in cash upfront
* MAP Pharma eligible for over $800 mln milestone payments (Adds details)
Dec 19 (Reuters) - Anglo-Swedish drugmaker AstraZeneca Plc (AZN.L) said on Friday it signed an agreement to develop and commercialise U.S.-based MAP Pharmaceuticals’ MAPP.O pediatric asthma drug.
MAP Pharma is developing unit dose budesonide (UDB) as a potential treatment for pediatric asthma in children from 12 months to 8 years of age.
Under the agreement, AstraZeneca will make an upfront cash payment of $40 million to MAP Pharma and an additional $35 million upon the successful achievement of primary endpoint and safety results in an ongoing Phase III clinical study.
MAP Pharma will also be eligible to receive up to $240 million in other potential development and regulatory milestones, and a further $585 million as sales performance-related milestone payments.
The two companies will develop UDB in the United States, and AstraZeneca has the rights to develop and commercialise UDB outside the United States.
MAP Pharma is also eligible to receive significant royalty payments on net sales of UDB worldwide, AstraZeneca said. AstraZeneca shares were up 1.1 percent at 2,732 pence at 1340 GMT on the London Stock Exchange. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Mike Miller)