La Jolla Pharma Inks BioMarin Deal
Luke Timmerman1/7/09
La Jolla Pharmaceutical (NASDAQ: LJPC) has formed a partnership to co-develop its experimental drug for lupus of the kidneys, Riquent, with Novato, CA-based BioMarin Pharmaceuticals (NASDAQ: BMRN). La Jolla will receive a $15 million upfront payment, and could stand to get $289 million in cash and equity from BioMarin if the drug reaches certain development goals. The medicine is in the final stage of clinical trials.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
