Protalix BioTherapeutics, Inc. entered into an ex-U.S. development and commercialization agreement with Chiesi Farmaceutici SpA for PRX-102, its Fabry disease drug.
Fabry disease is a rare genetic disorder causing the buildup of a particular fatty substance in the blood vessel walls.
Under the agreement, Protalix will receive an upfront payment of $25 million and additional payments of up to $25 million. The company is also entitled to get up to $320 million of aggregate regulatory and commercial milestone payments, as well as tiered royalties.
Following marketing approvals, Protalix will continue manufacturing the drug for clinical development and commercial purposes. The company also continues to retain full rights to the drug in the U.S. market.