BOSTON, June 12, 2008 – Myriad Genetics, Inc. (NASDAQ: MYGN) announced the selection of Danish pharmaceutical company H. Lundbeck A/S for European commercialization rights of Flurizan, Myriad’s lead therapeutic candidate for the treatment of Alzheimer’s disease.
Myriad and Lundbeck have entered into a European commercialization agreement under which Lundbeck will have rights to market and sell Flurizan in the European Union and several associated non-EU countries and will manage the regulatory process. Lundbeck has agreed to pay Myriad $100 million upfront and will pay up to $250 million in connection with regulatory approvals. In addition, Lundbeck has agreed to pay commercialization milestones and will purchase bulk pharmaceutical material from Myriad. Lundbeck has also agreed to pay escalating royalties of 20-39% on sales, less the amount paid for the bulk drug.
Goodwin Procter partner Christopher J. Denn and associate Tammy M. Muccio provided legal counsel to Myriad Genetics.
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