Just a week after gaining regulatory approval for Lexiscan (regadenoson), an injection that increases arterial blood flow during heart tests, CV Therapeutics sold off a 50 percent interest in its North American royalties to TPG-Axon Capital for $175 million and a $10 million milestone payment. Astellas Pharma, which is marketing the drug, is paying CV a $12 million milestone payment on the approval. A European application for Lexiscan is expected later this year. Palo Alto, CA-based CV is scheduled to get an FDA decision on Ranexa for a subset of diabetes patients in July.
TPG-Axon was spun out of Texas Pacific Group and is led by Dinakar Singh, the former head of Goldman Sachs' Principal Strategies Department. Shares of CV Therapeutics shot up 19 percent in after-hours trading on the news of the deal.
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