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Biotech / Medical : QCOR Questcor Pharmaceutical
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To: Savant who wrote (85)6/26/2013 10:13:33 PM
From: sense   of 107
 
So much for the "threat" of competitors making synthetics...

"Under the terms of the transaction agreements, Questcor has paid Novartis an upfront consideration of $60.0 million. Questcor will make additional payments of at least $75.0 million in the aggregate over the next several years, as well as potential milestone payments prior to FDA approval. Upon FDA approval of Synacthen in the U.S., Questcor will pay Novartis another milestone and royalties based on net sales in the U.S. As is common in the acquisition of development programs, the transaction agreements include mechanisms to ensure that Questcor pursues FDA approval and commercializes Synacthen in the U.S. upon approval. Questcor will immediately take over the rights in the U.S. Subject to certain closing conditions that must be satisfied within the next two years, Questcor will also take over rights in over three dozen countries outside the U.S. "Together with our previous acquisition of BioVectra, this transaction provides Questcor with an opportunity for both an international presence and a more robust business model," said Mr. Bailey. "We anticipate establishing a base of operations in Europe to manage and optimize the world-wide Synacthen brand."

And, now we know why they've just been sitting on that $150 million in cash they've built up...
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