PDL BioPharma, Inc. (NASDAQ: PDLI) appears to have a new royalty stream coming its way. The company announced this morning that it is now set to start receiving royalty payments from Roche’s Genentech unit on sales of Pertuzumab.
Genentech has now notified PDL that Pertuzumab, which will be marketed under the brand name Perjeta, is a royalty license product. Under the deal, PDL is set to receive royalties on sales of Perjeta in the quarter following the first quarter of Perjeta sales as per the contract which exists under Genentech’s license agreements with PDL.
PDL said that it anticipates that Perjeta will enter the market later this month. Here is why this matters. In February 2012, Roche forecast sales of more than $1 billion for pertuzumab when approved. Here was the data during the last quarterly update for the fourth quarter:
- In December, Roche and Genentech filed regulatory…
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