SAN RAFAEL, Calif.,
June 21, 2019 /PRNewswire/ --
BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced that the
Company earned a $15 million
milestone payment from Pfizer, Inc. This milestone payment
was triggered by the European Commission (EC) approval of
TALZENNA® (talazoparib) as monotherapy for the treatment
of adult patients with germline breast cancer susceptibility gene
(gBRCA) 1/2-mutations, who have human epidermal growth factor
receptor 2-negative (HER2-) locally advanced (LA) or metastatic
breast cancer (MBC). Patients should have been previously treated
with an anthracycline and/or a taxane in the (neo)adjuvant, locally
advanced or metastatic setting unless patients were not suitable
for these treatments. Patients with hormone receptor-positive (HR+)
breast cancer should have been treated with a prior endocrine-based
therapy, or be considered unsuitable for endocrine-based therapy.
This milestone payment is part of an agreement made with
Medivation, Inc. when Medivation purchased talazoparib. Medivation
was acquired by Pfizer in September
2016.
In August 2015, Medivation, Inc.
and BioMarin Pharmaceutical Inc. entered into an asset purchase
agreement under which Medivation acquired all worldwide rights to
talazoparib, a once-daily, oral poly (ADP-ribose) polymerase (PARP)
inhibitor. Under the agreement, Medivation, acquired by Pfizer, is
responsible for all research, development, regulatory and
commercialization activities for all indications on a global
basis.
Under the terms of the agreement, Medivation paid BioMarin
$410 million upfront, and BioMarin is
entitled to receive up to an additional $160
million (in aggregate) upon the achievement of regulatory
and sales-based milestones, of which $50
million has been earned to date, as well as mid-single digit
royalties for talazoparib.
About BioMarin
BioMarin is a global biotechnology company that develops and
commercializes innovative therapies for people with serious and
life-threatening rare disorders. The company's portfolio consists
of seven commercialized products and multiple clinical and
pre-clinical product candidates.
For additional information, please visit www.BMRN.com.
Information on BioMarin's website is not incorporated by reference
into this press release
BioMarin® is a registered trademark of BioMarin Pharmaceutical
Inc.
Contacts:
|
Investors
|
Media
|
Traci
McCarty
|
Debra
Charlesworth
|
BioMarin
Pharmaceutical Inc.
|
BioMarin
Pharmaceutical Inc.
|
(415)
455-7558
|
(415)
455-7451
|
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SOURCE BioMarin Pharmaceutical Inc.