ANN ARBOR, Mich. (AP) - The University of Michigan is getting $65.6 million for a portion of its royalty interest in a capsule-based drug to treat Gaucher’s disease.
The Ann Arbor school on Friday announced it signed an agreement about Cerdelga with PDL BioPharma Inc.
Under the terms of the agreement, Incline Village, Nevada-based PDL will get 75 percent of royalty payments due under the University of Michigan’s license agreement with Genzyme Corp. until expiration of the licensed patents, excluding any patent extension.
The university had granted a license to Cambridge, Massachusetts-based Genzyme to develop Cerdelga. It gained Food and Drug Administration approval in August for patients with the Type 1 form of the rare genetic disorder, which causes excess fat to build up in the spleen, liver and bone marrow.
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Online:
https://www.techtransfer.umich.edu
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