Ultragenyx Pharmaceutical Inc. is selling a rare pediatric disease priority review voucher to Novartis AG for a lump sum payment of $130 million.
Ultragenyx received the voucher in November from the U.S. Food and Drug Administration after the approval of Mepsevii as the first treatment for an inherited metabolic condition called mucopolysaccharidosis type VII, or MPS VII.
Ultragenyx President and CEO Emil Kakkis said the fund will be used to help advance the company's pipeline of rare and ultra-rare therapies.
The U.S. FDA awards the vouchers to rare pediatric disease product applicants that meet certain criteria. The voucher, which can be transferred, can be redeemed to receive a priority review of a subsequent marketing application for a different product.