Enzon Inc. deal

Under the amendment, the companies have gone from a 50/50 net split of profits to a royalty-based license agreement. ENZN said it amended the agreement to meet immediate cash flow needs. The company also raised $2 million in a follow-on offering (see B10).

As amended, RPR will provide the Piscataway, N.J., company with $4 million, which represents a royalty advance and a milestone payment originally scheduled for next June. ENZN will receive a 10 percent royalty in 1995 and a 23.5 percent royalty annually thereafter until 2007, on Oncaspar sales up to an undisclosed amount. RPR will credit the royalty advance and associated costs against these royalties, along with ENZN's share of the launch expense incurred under the December 1993 agreement. ...