La Jolla Gets More Hope (LJPC, BMRN)

January 6, 2009 by Douglas A. McIntyre

Money_stack_pic_5La Jolla Pharmaceutical Company (NASDAQ: LJPC) has been more than just a troubled biotech.  It has even been considered an at-risk entity by some traders after it had been down more than 90% at one point, but the company may have just gotten a much needed lifeline. 

It has signed a development and commercialization pact with BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) for its Riquent®.  This is La Jolla’s investigational drug for lupus nephritis, a candidate being evaluated in a Phase 3 clinical study for orphan disease Lupus Nephritis.  Under the terms of the agreement, BioMarin will receive a co-exclusive license to develop and commercialize Riquent.  La Jolla could receive up to $289 million in cash if everything materializes properly.

Full details of the pact are available at BioHealthInvestor.com.

Jon C. Ogg
January 6, 2009