NPS regains Gattex, Natpara rights
NPS Pharmaceuticals Inc. (NASDAQ:NPSP) regained worldwide rights to develop and commercialize two products from Takeda Pharmaceutical Co. Ltd. (Tokyo:4502): Gattex teduglutide for short bowel syndrome (SBS) and Natpara/ Preotact recombinant human parathyroid hormone 1-84 (PTH) for hypoparathyroidism. Takeda will receive 6.1 million NPS shares, which are valued at about $54.9 million based on NPS's close of $9.04 on Monday, before the deal was announced. Takeda is also eligible for a one-time $30 million milestone in cash or stock at NPS's discretion. The milestone is triggered after combined worldwide net sales of the two products exceed $750 million in a calendar year.
Takeda gained ex-North American rights to the products through its 2011 acquisition of Nycomed. NPS granted Nycomed ex-North American rights to Preotact in 2004 and to Gattex in 2007. ...