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PALO ALTO, Calif. - Biopharmaceutical company CV Therapeutics Inc. said Tuesday it has received a milestone payment of $10 million from TPG-Axon Capital related to the commercial launch of its stress agent Lexiscan.
| CVTX | 20.01 |  0 |
The company said it will record the payment as revenue in the second quarter.
The U.S. Food and Drug Administration approved Lexiscan on April 10. Later that month, CV Therapeutics sold 50 percent of its North American royalties on the drug to TPG-Axon Capital for up to $185 million. CV Therapeutics received $175 million on the closing of the deal, and has now earned an additional $10 million milestone payment due to the commercial launch of the product by its partner Astellas Pharma.
CV Therapeutics retains rights to the other 50 percent of North American sales of the drug as well as the rights for the product outside of North America. The company expects to submit a marketing authorization application for the product to the European Medicines Agency by year-end.
Lexiscan is used in patients unable to exercise sufficiently for a coronary stress test.
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