Repligen Corporation has received a $1 million milestone payment from Pfizer under the companies' exclusive development agreement for spinal muscular atrophy (SMA) compounds. The milestone was triggered by the conclusion of specific program activities and the successful completion of all of Repligen’s transition obligations. Repligen remains eligible to receive as much as $64 million in success-based milestones and royalties on sales.
"Consistent with our strategic decision last August to focus on building Repligen's bioprocessing business while scaling back our investment in therapeutics, we out-licensed the SMA program and have successfully completed its transition to Pfizer," said Walter C. Herlihy, Ph.D., president and chief executive officer of Repligen. "We believe the agreement preserves the potential for the SMA program to deliver significant long-term upside for our shareholders."