Protalix (PLX) Gets $25M Milestone from Pfizer in FDA Approval of ELELYSO as Treatment of Type 1 Gaucher
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Protalix BioTherapeutics, Inc. (NYSE: PLX), has received a $25 million milestone payment from Pfizer Inc. as part of the companies' global commercial agreement for ELELYSO (taliglucerase alfa). This payment was triggered by the U.S. Food and Drug Administration's (FDA) approval of ELELYSO for the treatment of type 1 Gaucher disease on May 1, 2012. On November 30, 2009, Pfizer and Protalix entered into an exclusive license and supply agreement relating to the development and commercialization of ELELYSO. Under the terms of the agreement, Protalix granted Pfizer an exclusive, worldwide license to ELELYSO except in Israel. Except with respect to Protalix's commercialization efforts in Israel, Pfizer and Protalix share the revenues and expenses related to the worldwide commercialization of ELEYSO on a 60 percent/40 percent basis, respectively, with certain agreed upon limits on the amounts of shared expenses. Protalix retained exclusive commercialization rights to the Israeli market for ELELYSO, including all revenues and expenses. Upon signing the license and supply agreement in November 2009, Pfizer made an upfront payment of $60 million to Protalix and subsequently made a $5 million payment to Protalix upon Protalix's achievement of a performance milestone. On March 31, 2012, Protalix had cash and cash equivalents $45.6 million. On a proforma basis, including the receipt of the $25 million milestone payment for the approval of ELELYSO in the United States, cash and cash equivalents on March 31, 2012 would have been $70.6 million.
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