Benzinga - Applied Therapeutics Inc (NASDAQ: APLT) shares are trading higher by 15.99% to $0.87 Wednesday morning after the company announced a partnership with Advanz Pharma for the commercialization of AT-007 in Europe.
Under the terms of the agreement APLT says:
- Applied Therapeutics will receive certain near-term development milestones upon clinical trial completion and marketing authorization in Europe as well as commercial sales milestones, which in the aggregate amount to over €130 million, including €10 million upfront due upon signing.
- Applied Therapeutics will receive royalties on any future net sales of AT-007 in Europe of 20%.
- Applied Therapeutics will continue to be responsible for the development, manufacturing and supply of AT-007, and Advanz Pharma will be responsible for packaging, distribution and commercialization in Europe.
- Advanz Pharma receives exclusive commercial rights in the European Economic Area, Switzerland, and the UK for AT-007 in Galactosemia and SORD Deficiency, with certain rights to future indications for AT-007 in Europe.
"We believe Advanz Pharma is an ideal partner for commercialization of AT-007 in Europe," said Shoshana Shendelman, PhD, Founder and CEO of Applied Therapeutics.
"Advanz Pharma's commitment to improving the lives of patients alongside their critical infrastructure and expertise in rare diseases positions them well for commercial success. This partnership brings us one step closer to making AT-007 available to patients with Galactosemia and SORD Deficiency – both debilitating rare diseases with no other therapies currently available – and strengthens Applied Therapeutics' capital position."
According to data from Benzinga Pro, APLT has a 52-week high of $5.80 and a 52-week low of $0.50.
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