CV Therapeutics, the pharmaceutical company said on Tuesday it received an investment of $175 million from TPG-Axon Capital for rights to 50 percent of royalty of the Lexiscan injection, Reuters reported.
The firm said it could receive an extra $10 million milestone payment from TPG- Axon Capital. CV Therapeutics keeps the rights to the other 50 percent of royalty revenue from sales of the injection in North America, the source said.
The Food and Drug Administration approved the marketing of Lexiscan for its administration as a stress agent during some cardiovascular examinations to measure if the heart of a patient is receiving enough blood to function adequately.
CV Therapeutics focuses on the discovery, development and commercialization of new small molecule drugs for the treatment of cardiovascular diseases. The group said it's aiming to apply for approval of Lexiscan in the European market late 2008.
Shares of CV Therapeutics closed at $7.45 on Tuesday in Nasdaq.