BioMarin buys back PKU franchise from Merck Serono

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) regained rights to phenylketonuria (PKU) treatments Kuvan sapropterin dihydrochloride and pegvaliase ( BMN 165) from the Merck Serono S.A. unit of Merck KGaA (Xetra:MRK). Merck held ex-U.S. and Japan rights to Kuvan and an option to develop pegvaliase from BioMarin under a 2005 deal (see BioCentury Extra, May 16, 2005).

Merck will receive EUR 340 million ($380.5 million) up front and is eligible for EUR 60 million ($67.2 million) in sales milestones, plus EUR 125 million ($139.9 million) in regulatory milestones for pegvaliase. Merck said the upfront payment was equal to five times Merck's annual sales of Kuvan. ...