Pharming inks creative drug partnering pact

Shares of Dutch biotech Pharming Group jumped on the news that it had inked an innovative strategic partnering deal with affiliates of the Paul Royalty Fund II on recombinant human C1 inhibitor for the treatment of hereditary angioedema. Pharming gets $18.5 million up front--including $3.5 million of a $5 million equity investment--plus milestones of up to $10 million. The fund will receive a single-digit royalty payment on approved products.

"With this strategic agreement, Pharming has obtained additional funding for the company while retaining flexibility to complete regional distribution agreements for rhC1INH," said Dr. Francis J. Pinto, CEO of Pharming. Kempen analysts called it a "very cunning deal" which will "provide Pharming with room to maneuver and sign lucrative deals."

- read this press release for more