GTC Biotherapeutics does $73M development deal with Danish pharma

GTC Biotherapeutics Inc. has entered into a collaboration agreement with Danish company LEO Pharma A/S to develop and market ATryn for markets in Europe, the Middle East, and Canada in a deal worth up to $73 million.

ATryn is GTC's recombinant form of human antithrombin, a plasma protein with anticoagulant and anti-inflammatory properties.

The $73 million includes potential milestone payments to GTC for meeting regulatory, clinical and sales goals. These payments include a total of $5 million for achieving approval of ATryn for the hereditary antithrombin deficiency indication in Europe, with $2 million of the $5 million paid upon signing of the agreement. LEO has a long history in the treatment of thromboembolic disorders, with a well-known heparin product, innohep, on the market.

GTC Biotherapeutics stock was trading at mid-morning for $1.68, up 28 cents from its close yesterday.

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