Shire Buys Fosrenol Patent Rights for Up to $31 M

Law360, New York (March 23, 2004, 12:00 AM EST) -- Shire Pharmaceuticals Group Plc, the U.K.'s third-largest drugmaker, will spend up to $31 million to buy global patent rights to its kidney-failure drug Fosrenol from AnorMED, the company said.

Shire will pay AnorMED $18 million when Fosrenol is approved in the U.S. and $7 million when it's approved in European Union, the company said.

The agreement also gives Shire a 12-month option to purchase the Japanese patents for $6 million when the drug is approved in Japan.

Shire will no longer have royalty obligations to AnorMED...
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