Newron Receives EUR11.3m Milestone Payments
US Approval of Xadago for the treatment of Parkinson’s disease
Newron Pharmaceuticals S.p.A. announced the receipt of milestone payments linked to the approval of its lead compound Xadago® (safinamide) for the treatment of Parkinson’s disease by the US Food and Drug Administration.
The payments were made by Newron’s partner Zambon, who holds the rights to develop and commercialize Xadago® globally, excluding Japan and other key territories where Meiji Seika has the rights to develop and commercialize the compound, and relate to the 2012 “Strategic collaboration and license agreement for Safinamide” between Newron and Zambon. Payments totaled EUR11.3 million which under the applicable IFRS rules will be recognized as immediate revenue. Newron is also eligible to receive royalty payments on sales as part of the 2012 agreement.
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