SAN RAFAEL, Calif.,
Oct. 16, 2018 /PRNewswire/ --
BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) today announced that the
Company earned $15 million in
milestone payments from Pfizer Inc. These milestone payments
were triggered by the U.S. Food and Drug Administration (FDA)
approval of Talzenna® (talazoparib) for the treatment of adult
patients with deleterious or suspected deleterious germline BRCA
(gBRCA)-mutated, HER2-negative locally advanced (LA) or metastatic
breast cancer (MBC). Patients are selected for therapy based on an
FDA-approved companion diagnostic. These milestone payments are
part of an agreement made with Medivation, Inc. when Medivation
purchased talazoparib. Medivation was acquired by Pfizer.
In August 2015, Medivation, Inc.
and BioMarin Pharmaceutical Inc. entered into an asset purchase
agreement under which Medivation acquired all worldwide rights to
Talzenna (talazoparib), a once-daily, oral poly ADP ribose
polymerase (PARP) inhibitor. Under the agreement, Medivation,
acquired by Pfizer, is responsible for all research, development,
regulatory and commercialization activities for all indications on
a global basis.
Under the terms of the agreement, Medivation paid BioMarin
$410 million upfront, and BioMarin
was entitled to receive up to an additional $160 million (in aggregate) upon the achievement
of regulatory and sales-based milestones, of which $35 million has been earned to date, as well as
mid-single digit royalties for Talzenna (talazoparib). In June of
this year, the European Medicines Agency accepted the Marketing
Application for talazoparib for this patient population and is
currently reviewing the application.
About BioMarin
BioMarin is a global biotechnology company that develops and
commercializes innovative therapies for people with serious and
life-threatening rare disorders. The company's portfolio consists
of seven commercialized products and multiple clinical and
pre-clinical product candidates.
For additional information, please visit www.BMRN.com.
Information on BioMarin's website is not incorporated by reference
into this press release.
BioMarin® is a registered trademark of BioMarin Pharmaceutical
Inc.
Contacts:
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Investors
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Media
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Traci
McCarty
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Debra
Charlesworth
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BioMarin
Pharmaceutical Inc.
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BioMarin
Pharmaceutical Inc.
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(415)
455-7558
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(415)
455-7451
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SOURCE BioMarin Pharmaceutical Inc.