Potential $257M In GTC Deal
Framingham-based GTC Biotherapeutics Inc. could earn as much as $257 million in a new partnership with Ovation Pharmaceuticals Inc. to bring its drug ATryn to the U.S. market.
Under the new partnership, GTC will be responsible for production of ATryn and Illinois-based Ovation will handle the sale and marketing of the drug, including its launch in the U.S. If it meets all clinical, regulatory and sales milestones, GTC stands to gain $257 million in payments as part of the agreement. The company said it would get $3 million when the agreement is signed, another $2 million this year and $9 million once ATryn is approved by the FDA. GTC will earn fees and royalties on sales of the drug and will be paid for the use of the drug in clinical trials.
ATryn is GTC's plasma protein-based anti-clotting drug. It has been approved for use in Europe and is on the U.S. Food and Drug Administration's fast track. GTC develops ATryn in the milk of genetically modified goats.
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