Repligen Receives First Milestone Payment from Pfizer for Development of Treatment for SMA
Repligen Corporation (Nasdaq: RGEN) announced today that it has received a $1 million milestone payment from Pfizer, Inc. (NYSE: PFE) under the terms of the companies' exclusive worldwide licensing agreement (the "Agreement") for the development of compounds to treat spinal muscular atrophy (SMA). This first milestone payment was triggered by completion of specific program activities and coincides with the successful completion of all transition obligations by Repligen. Repligen announced the Agreement in January of this year, at which time it received an upfront payment of $5 million. Repligen remains eligible to receive up to $64 million in additional success-based milestone payments, as well as royalties on any future sales of compounds developed under the Agreement.
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