EKR, PDL BioPharma deal

PDL will sell its cardiovascular assets to EKR for $85 million in cash up front, plus up to $85 million in milestones. The deal includes three marketed products that had 12-month sales of $165.5 million through Sept. 30, 2007. The sales figure includes $143.9 million for hypertension drugs Cardene IV nicardipine and Cardene SR, a sustained-release formulation of the calcium channel blocker and vasodilator, and $21.6 million for Retavase reteplase, a recombinant plasminogen activator modified to retain activity longer to treat acute myocardial infarction (AMI).

EKR also will gain rights to new formulations of Cardene in development and to ularitide, a synthetic natriuretic peptide that has completed Phase II testing to treat acute decompensated heart failure (ADHF). PDL is eligible to receive a 10% royalty on new formulations of Cardene, and a 5% royalty on ularitide. EKR will not pursue development of Cardene in pediatric patients, for which the drug is in Phase II testing. ...