La Jolla Pharma, Leo Pharmaceutical Products Ltd. deal

Leo (Ballerup, Denmark) received exclusive marketing rights in Europe and the Middle East to LJP 394, LJPC's lupus drug candidate, which is in Phase II trials.

In a deal worth up to $40 million, Leo paid a $3 million signing fee, and will fund 50 percent of the drug's development in addition to milestones. LJPC (San Diego) retains all manufacturing rights, and will sell the drug to Leo and receive royalties. Leo is Europe's largest producer of the anticoagulant heparin. ...