Alkermes Receives License Payment From Biogen - Quick Facts

(RTTNews) - Alkermes plc (ALKS) announced the company has received a $50 million payment from Biogen. The payment follows Biogen's review of preliminary gastrointestinal tolerability data from the ongoing clinical development program for BIIB098 (diroximel fumarate).

BIIB098 is an oral fumarate in phase 3 development for the treatment of relapsing forms of multiple sclerosis. Under the terms of the license and collaboration agreement, Biogen has an exclusive, worldwide license to commercialize BIIB098 and will pay Alkermes a mid-teens percentage royalty on worldwide net sales. Alkermes may also receive a $150 million milestone payment from Biogen upon FDA approval, on or before Dec. 31, 2021, of the NDA for BIIB098.

Alkermes expects to submit a New Drug Application for BIIB098 to the U.S. FDA in the fourth quarter of 2018.