Business website xconomy.com is carrying a report that BioMarin filed suit last month in California Superior Court against La Jolla Pharmaceutical for breach of contract relating to their partnership agreement signed in January 2009. Under the terms of the agreement, BioMarin received a co-exclusive license to develop and commercialise Riquent and La Jolla could have received up to $289 million in cash through milestones and equity purchases by BioMarin. Upon signing, BioMarin paid La Jolla a total upfront payment of $15 million, $7.5 million in cash and $7.5 million for the purchase of preferred shares. On 12th June, the directors of La Jolla announced their intention of winding down the business.
June 24, 2009...10:29 am
BioMarin sues La Jolla for breach of partnership agreement
Jump to Comments
