Health: Is this the big news from Germany Pharmaxis was waiting for?
Health & Biotech
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Pharmaxis (ASX:PXS) has some big news from its German partner, but won’t yet say whether it’s good or bad.
The company has been waiting on pharmaceutical major Boehringer Ingelheim to decide whether it wants to go ahead and further develop BI1467335, a drug for NASH (non‐alcoholic fatty liver disease) which Pharmaxis sold in 2015.
According to the announcement in 2015, Pharmaxis is due to receive up to a total of €140m ($226.6m) in milestone payments on commercialisation as well as earn-out payments for sales and commercialisation milestone payments.
A further milestone payment of $100m is due at the end of a phase 3 clinical trial.
Last month Pharmaxis CEO Gary Phillips said he was expecting a decision to come before the end of the year, and he was very confident it would be in the company’s favour.
“We are planning for success,” he said. “It’s Boehringer, the only thing that matters is whether they want to go through to (a phase) 2b or not.”
Pharmaxis shares are in a trading halt.
The company told the market today it “over the weekend received advice from Boehringer Ingelheim… The advice requires analysis by Pharmaxis senior management and directors. The trading halt is necessary to assist Pharmaxis in managing its continuous disclosure obligations.”
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