By Chris Wack


Protalix BioTherapeutics said Thursday that it is eligible to receive a $20 million milestone payment from its commercial partner, Chiesi Global Rare Diseases, a business unit of the Chiesi Group.

The company said the milestone payment was triggered by the approval by the U.S. Food and Drug Administration of Elfabrio pegunigalsidase alfa-iwxj for the treatment of adult patients with Fabry disease.

The FDA's approval was announced May 10, 2023, and the milestone payment is payable within 30 days of the FDA approval date.

In July 2018, the company entered into an exclusive license and supply agreement with Chiesi Farmaceutici, where it granted Chiesi an exclusive license to commercialize pegunigalsidase alfa in the U.S.

Protalix has already received a total of $95 million in upfront payments and to cover development costs.

On a proforma basis, including the receipt of the $20 million milestone payment, Protalix has cash and cash equivalents of $51.6 million as of Thursday.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

05-18-23 0713ET