Vernalis Earns Milestone Payment in connection with its 2008 sale of Apokyn and its US commercial operations
11/12/2009
Vernalis plc (LSE: VER) today announces it will receive US$700,000 as further consideration for the sale to Ipsen of Apokyn and its US Commercial Operations announced in June 2008.
Under the terms of the sale, as well as an initial cash consideration of US$6.5 million and a US$5.0 million share subscription, Vernalis was also eligible to receive up to a further US$6.0 million based upon certain milestones being achieved.
To-date milestones of $1.7 million, including that announced today, have been earned. An additional US$2.5 million milestone can still be earned if Ipsen's future US net sales of Apokyn and Dysport exceed a certain threshold.
"The sale of Apokyn and the US Commercial Operations was a key component of the Company's 2008 restructuring. We are pleased to have earned a further milestone from that sale." said Ian Garland, CEO of Vernalis.