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License Agreement and Supply Agreement with Pharming:
Under our license agreement with Pharming entered into in September 2010,
- we paid Pharming a $5.0 million milestone in July 2013 as a result of the FDA acceptance for review of the BLA seeking approval of Ruconest for the treatment of acute attacks of angioedema in patients with HAE.
-We may be required to pay Pharming a $20.0 million milestone:
*upon the earlier of first commercial sale of Ruconest in the U.S.
or
*90 days following receipt of FDA approval.
In addition, we will be required to pay certain one-time performance milestones if we achieve certain aggregate net sales levels of Ruconest.
The amount of each such milestone payment varies upon the level of net sales of Ruconest.
-a $20.0 million milestone if calendar year net sales exceed $300.0 million
and
-a $25.0 million milestone if calendar year net sales exceed $500.0 million.
As consideration for the licenses and rights granted under the license agreement, and as compensation for the commercial supply of Ruconest by Pharming pursuant to our supply
agreement, we will pay Pharming a tiered supply price, based on a percentage of net sales of Ruconest, subject to reduction in certain events, as follows:
-30% of net sales less than or equal to $100.0 million,
-32% of net sales greater than $100.0 million but less than or equal to $250.0 million,
-34% of net sales greater than $250.0 million but less than or equal to $500.0 million,
-37% of net sales greater than $500.0 million but less than or equal to $750.0 million,
- 40% of net sales greater than $750.0 million.