Pfenex and Hospira have entered into an agreement to exclusively develop and commercialize for worldwide sales PF582, Pfenex's biosimilar candidate to Genentech's LUCENTIS (ranibizumab injection).
LUCENTIS had estimated global sales of approximately $4 billion in 2014 and is part of the broader $6.7 billion intraocular anti-VEGF (vascular endothelial growth factor) therapeutic segment.
Pfenex will receive an upfront payment of $51 million once the collaboration receives antitrust approval, and, over the next five years and beyond, will be eligible to receive a combination of development and sales-based milestone payments up to an additional $291 million, and tiered double-digit royalty on net sales of the product.
Pfenex and Hospira will share the Phase 3 equivalence clinical trial costs, and Hospira will be responsible for manufacturing and commercializing the product worldwide.
The collaboration will be governed by an Executive Steering Committee consisting of equal representation from Pfenex and Hospira.
The agreement also allows for additional future product collaborations.
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