BioCryst Pharmaceuticals stock was up 4 percent Wednesday after the Durham company announced that it has licensed the worldwide rights to its flu treatment Rapivab to CSL Limited, an Australia-based drug company.
Under the terms of the deal, BioCryst will receive an upfront payment of $33.7 million from bioCSL, a subsidiary of CSL, and could receive up to $12 million in regulatory milestone payments. The company also will receive royalty payments based on sales.
BioCryst retains the rights to pursue pandemic stockpiling orders for Rapivab from the U.S. government. BioCSL has the rights for government stockpiling outside the U.S.
Rapivab is the only approved intravenous flu treatment in the world. The treatment has been approved in Japan and Korea, and in December was approved by the U.S. Food and Drug Administration.
BioCSL has licensed the rights to the vaccine in all countries except Japan, Korea, Taiwan and Israel.
BioCLS makes seasonal and pandemic flue vaccines, and operates one of the largest vaccine manufacturing facilities in the world.
Rapivab is BioCryst’s first drug to be approved in the U.S. The company was founded 29 years ago and employees about 50 people in Durham.