Baxter International gave kidney drug developer Rockwell Medical a big boost in the form of $45 million in graduated payments in a biotech partnership.
The agreement gives Rockwell $20 million in cash, a $15 million investment in the company and another $10 million in potential milestone payments in exchange for Baxter’s exclusive distribution rights on its hemodialysis concentrate drugs.
Baxter also has the option to extend the agreement for two additional 5-year terms upon meeting certain sales targets, coupled with a $7.5 million payment related to the first extension.
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