Protalix BioTherapeutics Perks Up On Alidornase Alfa Licensing Pact In Respiratory Conditions

Protalix BioTherapeutics Inc (NYSE: PLX) has announced an exclusive worldwide license agreement with SarcoMed USA Inc for alidornase alfa, also known as PRX–110, for use in the treatment of any human respiratory disease or condition including, sarcoidosis, pulmonary fibrosis, and other related disorders via inhaled delivery.
Alidornase alfa is the Company's proprietary chemically-modified plant cell-expressed recombinant form of human deoxyribonuclease I (DNase I), administered through inhalation.
Under the terms of the agreement, SarcoMed will be responsible for identifying and selecting pharmaceutical candidates under the license and the clinical research and development of such candidates. Protalix is entitled to an initial cash payment of $3.5 million and additional milestone payments and tiered royalties on its net sales.
The parties have also agreed to commence the negotiation of clinical and commercial supply agreements for alidornase alfa, and SarcoMed USA has the right to terminate the license agreement if the parties do not successfully do so.
In July last year, the FDA granted Orphan Drug Designation to alidornase alfa to treat sarcoidosis.
Price Action: PLX stock gained 4.35% at $6 in premarket trading on the last check Thursday.