Celldex Therapeutics, an integrated biopharmaceutical company, has received a milestone payment of $10 million from an affiliate of Paul Capital Healthcare.
The payment was triggered by the market launch of Rotarix in the US. Rotarix is marketed worldwide by GlaxoSmithKline.
John Leone, a partner at Paul Capital Healthcare, said: “In purchasing a portion of Celldex’s Rotarix royalty stream, Paul Capital Healthcare has helped Celldex to monetize a previously under-appreciated asset.
The US approval and launch of Rotarix validate our assessment of the product’s value and Celldex’s contribution to its development. Through our agreement with Celldex, we have provided the company with growth capital to advance and expand its development pipeline.”
Anthony Marucci, president and CEO of Celldex, said: “We are thrilled that GSK has successfully launched Rotarix in advance of the rotavirus season, enabling infants to receive this important vaccination in the coming months.
“We are also pleased to receive this final milestone payment from Paul Capital Healthcare (PCH) and will use the proceeds to advance our ongoing clinical programs and to support the creation of additional novel disease-specific drug candidates through our proprietary precision targeted immunotherapy platform.”
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