Summit Corporation plc and BioMarin Pharmaceutical Inc enter exclusive worldwide licensing agreement
Client
Summit Corporation plc
On 22 July, 2008, Summit Corporation plc and BioMarin Pharmaceutical Inc announced that they have entered into an exclusive worldwide licensing agreement for Summit’s novel preclinical candidate SMT C1100 and all follow-on molecules, which are being developed to treat the fatal genetic disorder Duchenne muscular dystrophy (DMD).
Under the terms of the licensing agreement, Summit will receive an upfront payment of $7 million in the form of an equity investment in Summit shares, future development and regulatory milestones totalling up to $136 million together with tiered royalties rising to the low teens.
Allistair Booth, Gary Howes, David Smith and Ralph Cox of Fasken Martineau Stringer Saul LLP advised Summit Corporation plc in this matter.
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