FRANKFURT (Reuters) - Germany’s Merck KGaA said it agreed to return to BioMarin Pharmaceutical Inc the rights to the Kuvan drug against rare genetic disorder PKU as it seeks to focus on cancer, immunology and neurology.
Merck in 2005 acquired the rights to Kuvan and Peg-Pal, another PKU treatment, outside the United States and Japan.
Under the agreement to reverse that deal, which will take effect in January 2016, Merck will receive an upfront payment of 340 million euros ($379.00 million), plus up to 185 million euros in additional milestone payments depending on BioMarin’s future development achievements.
Reporting by Ludwig Burger; Editing by Jonathan Gould
Our Standards: The Thomson Reuters Trust Principles.