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Avant receives $4 million milestone payment from GlaxoSmithKline for EU approval of Rotarix
By Lisa Kerner
Erie, Pa., March 9 - Avant Immunotherapeutics Inc. said it has received a $4 million milestone payment from GlaxoSmithKline, marking the approval of Rotarix in the European Union by the European Commission.
Rotarix, an oral, two-dose, live attenuated vaccine, will be the first vaccine available to children in Europe for the prevention of gastroenteritis caused by the rotavirus, according to a company news release.
"We are very gratified to receive this milestone payment, which marks a key event in the worldwide commercialization of Rotarix," president and chief executive officer Una S. Ryan said in the release.
"This approval also leads to a substantial payment of $40 million to Avant through its transaction with Paul Royalty Fund."
Avant's agreement with a Paul Royalty Fund affiliate included an upfront, unconditional $10 million payment to Avant, a $40 million milestone payment upon product launch in the European Union and a milestone payment of between $9 million and $11 million upon product launch in the United States.
Also, as part of the Paul Royalty Fund agreement, Avant retains 50% of the GlaxoSmithKline $4 million milestone payment, with the balance payable to the fund and Cincinnati Children's Hospital Medical Center, according to the release.
In addition to the European license, 33 additional licenses have been granted worldwide for Rotarix, which is not currently approved in the United States. The company has filed applications in more than 75 countries.
Avant discovers and develops vaccines and therapeutics that use the immune system to prevent and treat disease. The company is located in Needham, Mass.
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