Shire acquires Fosrenol patent rights
UK-based Shire Pharmaceuticals Group has acquired the rights to the global patents for Fosrenol, excluding Japan, from AnorMED for a consideration of up to US$31m.
UK-based Shire Pharmaceuticals Group has acquired the rights to the global patents for Fosrenol, excluding Japan, from AnorMED for a consideration of up to US$31m.
Under the terms of the agreement, Shire will pay AnorMED $18m when Fosrenol is approved in the US and $7m when it is approved in the relevant EU countries. In consideration of these payments, Shire's royalty obligations to AnorMED shall cease throughout the world, except for Japan, and title to the patents will be transferred to Shire.
The agreement also gives Shire a 12-month option to purchase the Japanese patents for $6m to be paid upon approval in Japan. On the exercise of the option, Shire's royalty obligations to AnorMED for Fosrenol sales in Japan also cease. If the option is not exercised AnorMED will continue to be entitled to Japanese royalties.