BioMarin acquires global rights to Phenylketonuria (PKU) franchise from Merck Serono for $588.8 million
Clients BioMarin Pharmaceutical Inc.
Jones Day advised BioMarin Pharmaceutical Inc. in connection with its €525 million ($588.8 million) acquisition of the global rights to Kuvan® (sapropterin dihydrochloride) and pegvaliase from Merck Serono. Under the terms of the agreement, BioMarin provided Merck with an upfront payment of €340 million (US$381.3 million). An additional €60 million (US$67.3 million) in milestones will be paid to Merck if combined sales of Kuvan and pegvaliase reach undisclosed cumulative sales thresholds. In addition, €125 million (US$140.2 million) will be paid to Merck for regulatory milestones related to pegvaliase. Previously, BioMarin had exclusive rights to Kuvan in the U.S. and Canada and to pegvaliase in the U.S. and Japan. BioMarin will now have exclusive worldwide rights to Kuvan and pegvaliase with the exception of Kuvan in Japan.