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NPS Pharma to Receive $25 Million from Amgen for Royalty Rights for Sensipar

By Victoria Stilwell NPS Pharmaceuticals Inc. (NPSP) will receive a one-time $25 million payment this month in exchange for its rights to receive royalties earned after 2018 for sales of its Sensipar drug under an amended license agreement with Amgen Inc. (AMGN). Sensipar, marketed as Mimpara in Europe, treats secondary hyperparathyroidism in chronic kidney disease patients on dialysis. In 1996 NPS licensed world-wide rights to Amgen to develop and commercialize the drug, and the drug received FDA approval in March 2004. NPS said funds from the agreement are expected to support the launches of both Gattex, a treatment for short bowel syndrome, and Natpara, which is intended to be used for adult hypoparathyroidism, in addition to aiding its transition into a self-sustaining commercial-stage business. The deal is expected to accelerate cash flow with at least $75 million of incremental cash expected through 2013. The amendment also extends the royalty-advance-repayment period, limiting the offset of the royalty advance that the biopharmaceutical company received from Amgen in August 2011 to $8 million a quarter. After repayment of the advance and a 9% anum discount factor on the balance of $92 million, Amgen will resume paying NPS all royalties earned through 2018. "This innovative transaction underscores our commitment to accessing capital at the lowest possible cost and in a manner that is in the best interests of our shareholders," said Luke M. Beshar, NPS's chief financial officer. Shares of NPS were inactive in premarket trade at $8.61, while shares of Amgen slipped 0.2% to $72.75. NPS is up 31% so far this year, while Amgen is up 14%. Write to Victoria Stilwell at Victoria.Stilwell@dowjones.com

Stock News for Amgen Inc. (AMGN)
DateTimeHeadline
02/10/201610:17:35Amended Statement of Ownership (sc 13g/a)
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02/07/201618:15:00Drug Industry Launches Ad Campaign Aimed at Lawmakers
02/05/201617:06:00Amgen To Present At The Leerink Partners 5th Annual Global Healthcare...
02/04/201616:17:00Phase 3 Study of BLINCYTO® (Blinatumomab) Met Primary Endpoint...
02/04/201616:00:00Amgen Announces Positive Top-Line Results From Phase 3 GAUSS-3...
01/28/201616:40:00Amgen Profit Rises 39%; 2016 Outlook Raised
01/28/201616:31:00Amgen Profit Rises 39%; 2016 Outlook Raised
01/28/201616:00:00Amgen's 2015 Revenues Increased 8 Percent To $21.7 Billion And...
01/25/201617:20:00FDA Accepts Amgen's Biosimilar Biologics License Application...
01/25/201616:03:00Amgen Announces Webcast of 2015 Fourth Quarter and Full Year...
01/23/201613:00:00Vectibix® (panitumumab) And Best Supportive Care Improves Overall...
01/22/201601:00:00Amgen's Repatha® (Evolocumab) Approved As First PCSK9 Inhibitor...
01/21/201616:32:00FDA Approves New Kyprolis® (Carfilzomib) Combination Therapy...
01/11/201612:50:00Celgene Names New CEO, Cuts 2015 Profit Outlook
01/10/201620:33:00Drugmakers Keep Raising Prices Despite Criticisms
01/07/201616:05:00Amgen To Present At The 34th Annual J.P. Morgan Healthcare Conference
12/18/201501:00:00European Commission Approves Amgen's IMLYGIC™ (talimogene laherparepvec) A...
12/15/201516:45:00Amgen Raises Quarterly Dividend 27%

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