Health and Healthcare
La Jolla Gets More Hope (LJPC, BMRN)
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La Jolla Pharmaceutical Company (NASDAQ: LJPC) has been more than just a troubled biotech. It has even been considered an at-risk entity by some traders after it had been down more than 90% at one point, but the company may have just gotten a much needed lifeline.
It has signed a development and commercialization pact with BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) for its Riquent®. This is La Jolla’s investigational drug for lupus nephritis, a candidate being evaluated in a Phase 3 clinical study for orphan disease Lupus Nephritis. Under the terms of the agreement, BioMarin will receive a co-exclusive license to develop and commercialize Riquent. La Jolla could receive up to $289 million in cash if everything materializes properly.
Full details of the pact are available at BioHealthInvestor.com.
Jon C. Ogg
January 6, 2009
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