CV scores $185M royalty deal on Lexiscan

Wed, 16 Apr 2008 06:59:58 -0400

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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CV, Astellas gain Leixscan approval

Fri, 11 Apr 2008 06:59:54 -0400

CV Therapeutics and Astellas Pharma have won FDA approval of Lexiscan, a A2A adenosine receptor agonist intended for use during heart stress tests. Almost half the patients undergoing cardiac stress tests are unable to exercise because of medical conditions; Lexiscan temporarily increases blood flow through the coronary arteries in order to mimic the increase in coronary blood flow caused by exercise. It works faster and has fewer side effects that Astellas' Adenoscan, the current market leader.

"We are extremely pleased that the FDA has approved Lexiscan, an exciting new option for diagnosing coronary artery disease in patients who cannot undergo an exercise stress test," said Yoshihiko Hatanaka, president and CEO of Astellas Pharma U.S. "We are preparing to launch Lexiscan soon after this approval." The approval triggers $12 million to CV, and the company could earn $35 million in royalty payments in 2009.

- see the release for more

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