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- Protalix BioTherapeutics (NYSE:PLX) shares gained pre-market Thursday after announcing that the company is entitled to receive a $20M milestone payment from its commercial partner, Chiesi, due to recent FDA approval of Fabry disease therapy Elfabrio.
- Under two licensing agreements with the Italy-based pharma group to commercialize the treatment also known as pegunigalsidase alfa-iwx, Protalix (PLX) is eligible to receive up to $1B in regulatory and commercial milestone payments in addition to tiered royalties.
- The partnership has already resulted in $95M for the company as upfront payments and to cover development expenses. Protalix (PLX) said its cash and cash equivalents as of May 18 will reach $51.6M on a proforma basis following the latest $20M payment.
- Shares of the Hackensack, New Jersey-based biotech surged last week after the FDA greenlighted Elfabrio, an enzyme replacement therapy for adults with the inherited neurological disorder Fabry disease.