BioMarin and Summit sign licensing agreement

BioMarin Pharmaceutical and Summit have entered into an exclusive worldwide licensing agreement for Summit's novel preclinical candidate SMT C1100 and all follow-on molecules, which are being developed to treat the fatal genetic disorder Duchenne muscular dystrophy. Under the terms of the licensing agreement, Summit will receive an upfront payment of $7 million in the form of an equity investment in Summit shares, future development and regulatory milestones totaling $51 million, tiered royalties rising to the low teens, depending on sales and product sales milestones, giving a total deal value of up to $143 million. Summit will be responsible for completing the preclinical development of SMT C1100. BioMarin will be responsible for the clinical development, regulatory filing and commercialization of the product candidate. The... [read full story]