Opko Health Inc. Inks Pfizer License Pact

Opko Health Inc.

gained more than 9 percent Monday after the developmental drug company licensed its growth hormone treatment to Pfizer Inc.

. Opko will receive an upfront payment of $295 million and is eligible to receive up to an additional $275 million if the unapproved drug reaches "certain regulatory milestones." Miami-based Opko, which posted 2013 revenue of $93.7 million, is also eligible to receive initial royalty payments associated with the commercialization. The deal is subject to anti-trust review and is expected to close in the first quarter. Currently in a Phase III trial in adults and a Phase II trial in children, the drug aims to treat growth hormone deficiency as well as growth failure in children. The drug, called hGH-CTP, has orphan drug status in the U.S. and Europe for both adults and children. Opko will fund further development costs while Pfizer will pay for commercialization, manufacturing and post-marketing studies. Opko changed hands recently at $8.93 up $0.75 cents.