Biogen, Alkermes Get FDA OK of Vumerity for Multiple Sclerosis
October 30 2019 - 8:17AM
Dow Jones News
By Colin Kellaher
Biogen Inc. (BIIB) and Alkermes PLC (ALKS) on Wednesday said the
U.S. Food and Drug Administration approved Vumerity for the
treatment of relapsing forms of multiple sclerosis.
The biopharmaceutical companies said Biogen, which holds the
exclusive worldwide license to commercialize Vumerity, plans to
make the drug available in the U.S. in the near future.
The FDA approval triggers a $150 million milestone payment from
Biogen to Alkermes under a license and collaboration agreement the
companies inked in 2017. Dublin-based Alkermes also is also
entitled to royalties on sales of Vumerity.
Biogen, based in Cambridge, Mass., said it will account for the
milestone payment as an asset that it will amortize over the
expected useful life of the product.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 30, 2019 08:02 ET (12:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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