Regenxbio receives $100M accelerated license payment.
REGENXBIO (RGNX) announced that it has received an accelerated license payment of $100M under its license agreement with AveXis for the development and commercialization of products to treat spinal muscular atrophy, due to the acquisition of AveXis by Novartis (NVS). The accelerated license payment consisted of $60M in annual fees and a commercial milestone fee of $40M. Under the License Agreement, in addition to the accelerated license payment, REGENXBIO remains eligible to receive a potential commercial milestone fee of $80M and certain royalties on net sales for any product developed for the treatment of SMA using REGENXBIO's NAV technology. Novartis now holds exclusive rights to the NAV Technology Platform for the development of treatments for SMA, including AVXS-101, which uses REGENXBIO's NAV AAV9 vector. In April 2018, AveXis reported that the six SMA patients who were at least one-month post gene transfer in the pivotal trial for AVXS-101 were exhibiting motor function improvements. SMA is the leading genetic cause of infant mortality.
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|Date:||Jun 11, 2018|
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