NPS Earns Seven-Figure Milestone Payment
NPS Pharmaceuticals (NASDAQ: NPSP) of Bedminster, NJ, announced that its Swiss-based development partner Nycomed has filed for European clearance to market teduglutide (Revestive) for the treatment of short bowel syndrome. The submission triggers a milestone payment to NPS that the company says is in the mid-seven digits. NPS expects to file for approval to market teduglutide in the U.S. later this year, and it has licensed Nycomed the rights to commercialize the drug beyond North America. The drug, a novel analog of a human peptide that helps maintain normal intestinal function, could bring in sales of $350 million a year in the U.S., NPS has estimated.