Australian biotechnology company CSL said on Monday it agreed to pay $1.6 billion to Swiss firm Alentis Therapeutics to co-develop a treatment for people with rare kidney and liver disease.
CSL will make an initial $355 million payment to Alentis, with the Switzerland-based firm eligible to receive up to an additional $1.2 billion in commercial milestone payments, the statement said. The deal is aimed at developing lixudebart, which CLS' Executive Vice President Dr Bill Mezzanotte said the company believes "has the potential to become an important new therapeutic option to help improve kidney function and prevent progression to end-stage kidney disease."
Once commercialized, global profits from the treatment will be shared 55% to CSL and 45% to Alentis, the announcement said.
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