BioMarin grants North American Firdapse rights to Catalyst

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) granted exclusive, North American rights for Orphan drug Firdapse amifampridine to Catalyst Pharmaceutical Partners Inc. (NASDAQ:CPRX). BioMarin, which is eligible for undisclosed royalties, will invest $5 million in Catalyst to support development of Firdapse in the U.S. Catalyst will be responsible for all other future costs of developing and commercializing Firdapse in North America and will equally share the cost of postmarketing studies for Firdapse in the EU. The potassium channel blocker is in Phase III testing to treat Lambert-Eaton myasthenic syndrome (LEMS) in the U.S. BioMarin, which markets Firdapse for LEMS in the EU, said it out-licensed North American rights for Firdapse because it lacks the U.S. sales force to commercialize the product. BioMarin reported $10.8 million in net revenue for Firdapse for the first nine months of 2012.

In connection with the deal, Catalyst will make undisclosed milestone and royalty payments to EUSA Pharma Inc. and former shareholders of Huxley Pharmaceuticals Inc. BioMarin gained rights to Firdapse through its 2009 acquisition of Huxley, which licensed rights to the product from EUSA. Jazz Pharmaceuticals plc (NASDAQ:JAZZ) acquired EUSA. ...