BioMarin, Serono deal

BioMarin will regain rights to phenylketonuria (PKU) treatments Kuvan sapropterin dihydrochloride and pegvaliase ( BMN 165) from the Merck Serono S.A. unit of Merck KGaA (Xetra:MRK, Darmstadt, Germany). Merck held ex-U.S. and Japan rights to Kuvan and an option to develop pegvaliase from BioMarin under a 2005 deal.

Merck will receive EUR340 million ($380.5 million) up front and is eligible for up to EUR60 million ($67.2 million) in sales milestones tied to combined sales of the products and up to EUR125 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. ...